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Can you detailled please ? A couple takes out a $59000 loan. This loan is to be amortized with equal monthly payments over a 14-year
Can you detailled please ?
A couple takes out a $59000 loan. This loan is to be amortized with equal monthly payments over a 14-year period at 7.2%/Year compounded monthly, with the first payment made one month from now. (a) Determine the outstanding balance at the end of 7 years. (b) After that time, the couple is unable to make payments for 1 year. What will then be the balance at the end of 8 years? (c) What new monthly payments would repay the loan on schedule Step by Step Solution
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