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Jim buys a house for $130000. He makes a down payment of 9% and finances the rest through a mortgage loan at 3.5% compounded monthly.

Jim buys a house for $130000. He makes a down payment of 9% and finances the rest through a mortgage loan at 3.5% compounded monthly. If Jim can afford to pay $4600 monthly on his mortgage loan.

a) How many full payments will be required?

Answer:

b) What will be the smaller concluding payment 1 month after the last full payment?

Answer: $

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