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I NEED AN ANSWER ASAP THANK YOU. Jeffrey received a 30 year loan of $320,000 to purchase a house. The interest rate on the loan
I NEED AN ANSWER ASAP THANK YOU.
Jeffrey received a 30 year loan of $320,000 to purchase a house. The interest rate on the loan was 5.40% 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 2 ? Round to the nearest cent c. By how much will the amortization period shorten if Jeffrey makes an extra payment of $30,000 at the end of year 2 ? years monthsStep by Step Solution
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