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A reverse mortgage is made with a balance not to exceed $ 3 2 1 , 0 0 0 on a property now valued at

A reverse mortgage is made with a balance not to exceed $

321, 000

on a property now valued

at $

749, 000 .

The loan calls for monthly payments to be made to the borrower for

120

months

at an interest rate of

6

percent.

.

What will the monthly payments be

?

.

What will be the loan balance at the end of year

3 ?

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