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Horace and Myrtle want to buy a house. Their banker offered them a fully amortizing $95,000 loan at a 12% annual rate for 30 years.
Horace and Myrtle want to buy a house. Their banker offered them a fully amortizing $95,000 loan at a 12% annual rate for 30 years. What will their monthly payment be if they make equal monthly installments over the next 30 years. (show calculation) Now, what is their loan balance at the end of year 4?
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