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Alicia Clothing Goods just borrowed $150,000 to build a new shop. The mortgage calls for equal monthly payments at the end of the month. The

Alicia Clothing Goods just borrowed $150,000 to build a new shop. The mortgage calls for equal monthly payments at the end of the month. The loan is for 30 years at an APR of 4.8%.

1. What is the monthly payment? 2. What is the amount of interest payment for your second payment? 3. What is the amount of principal reduction for your second payment?

On a finance calculator, not excel. Can you also show working out to how you got the answer.

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