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Based on the following information, what would the monthly payment be for each month of the second year of the loan? Loan amount: $622,000 30

Based on the following information, what would the monthly payment be for each month of the second year of the loan?

Loan amount: $622,000

30 year loan with monthly payments

First year interest rate: 6%

Second year interest rate: 8%

Multiple Choice

  • $4,545.94

  • $6,220.00

  • $3,729.20

  • $4,564.02

  • None of the other answers are within $1 of the correct answer

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