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Consider a partially amortizing mortgage in the amount of $80,000 for a term of 10 years. The borrower and lender agree that a balance of
Consider a partially amortizing mortgage in the amount of $80,000 for a term of 10 years. The borrower and lender agree that a balance of $40,000 will remain and be repaid as a lump sum at that time. a. If the interest rate is five percent (5%), what must monthly payments be over the 10-year period?b. What will the loan balance be after 5 years?
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