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I will attach the questions, Please try to explain some of the work (1) {a} A loan is being repaid by 12 annual payments of
I will attach the questions, Please try to explain some of the work
(1) {a} A loan is being repaid by 12 annual payments of 3000 followed by 8 annual payments of 511111]. 1ft 2 1.11), determine the principal and interest portions of the tenth payment and the fteenth payment. {h} A loan is being repaid by 21] equal annual installments. The principal portion of the twelfth payment is 290 and the interest portion is 250. Determine ii and the amount of the loan. (2) A mortgage at ii\") = [LOB calls for monthly payments of 350 for 20 years. After 10 years of payments, what monthly payments 1would pay off the mortgage in ve years? (3) A bank customer borrows X at an effective annual interest rate of 12.5% and maloes level payments at the end of each year for it years. You are given the following: {i} The interest portion of the nal payment is 153.86; (ii) The total principal repaid as of time (n. 1) is {500312; (iii) The principal repaid in the rst payment is 1'\". Calculate YStep by Step Solution
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