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A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $98,000.00 for 28 years at 5.4% compounded monthly,
A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $98,000.00 for 28 years at 5.4% compounded monthly, and will make monthly payments of $566.27. If needed, round to 2 decimal places. a) What is the unpaid balance after 9 months? $ b) During this time period, how much interest did she pay?
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