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Assume you have taken out a 25-year loan of $177,490 with an annual interest rate of 6.72%, compounded monthly. a) Determine the payment amount (in

Assume you have taken out a 25-year loan of $177,490 with an annual interest rate of 6.72%, compounded monthly.

a) Determine the payment amount (in dollars), to the nearest cent, on the given loan amount.

b) Determine the outstanding balance (in dollars), to the nearest dollar, after 18 years.

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