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Assume the following: Loan Amount: $200,000 Interest rate: 8 percent annually Term: 30 years, monthly payments (a) What is the monthly payment? Show your work.

Assume the following:

Loan Amount: $200,000

Interest rate: 8 percent annually

Term: 30 years, monthly payments

(a) What is the monthly payment? Show your work.

(b) What will be the loan balance at the end of ten years?

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