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Consider a 3 -year installment loan. The APR is 6%. Monthly loan payments are $790. In the 16 th month, the beginning balance is $15,000.

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Consider a 3 -year installment loan. The APR is 6%. Monthly loan payments are $790. In the 16 th month, the beginning balance is $15,000. How much of the $790 payment that month would reduce the principal of the loan? Question 17 5 pts For a 30-year mortgage of $180,000 borrowed under a 5\% APR, monthly payments, what would the principal balance be with 8 years left until the maturity of the loan

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