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A thirty year monthly payment mortgage loan for RM 3 2 5 , 0 0 0 is offered at a nominal rate of 6 .

A thirty year monthly payment mortgage loan for RM325,000 is offered at a nominal rate of 6.6% convertible monthly. The borrower would like to have graduated payments where the first year's monthly payment is P and all subsequent monthly payments are P+500.
a. Find the initial payment P.
b. Find the balance at the end of one vear
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