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Assume an annual rate of 12% and a principal of $100,000. The monthly payment will depend on the term of the loan. The term is
Assume an annual rate of 12% and a principal of $100,000. The monthly payment will depend on the term of the loan. The term is the amount of time to repay it (or equivalently, the number of payments). Make a graph that shows the monthly payment as a function of the number of payments. Use loan terms from 5 to 30 years. Keep in mind, that you make payments 12 times per year.
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