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a. What is the monthly payment on a $250,000, five-year, interest only loan at 3%? (Round your answer to two decimal places) b. You have

a. What is the monthly payment on a $250,000, five-year, interest only loan at 3%? (Round your answer to two decimal places)

b. You have made monthly payments for 5 years. What is the outstanding loan balance after 5 years?

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