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Christopher received a 15 year loan of ( $ 355,000 ) to purchase a house. The interest rate on the loan was 6.00 compounded semi-annually.
Christopher received a 15 year loan of \\( \\$ 355,000 \\) to purchase a house. The interest rate on the loan was \6.00 compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 4 ? Round to the nearest cent c. By how much will the amortization period shorten if Christopher makes an extra payment of \\( \\$ 30,000 \\) at the end of year 4 ? years months
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