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MOnica received a 1 5 year loan of $ 2 8 0 0 0 0 to purchase a house. The interest rate on the loan
MOnica received a year loan of $ to purchase a house. The interest rate on the loan was compounded semiannually. a What is the size of the monthly loan payment? b What is the balance of the loan at the end of year c By how much will the amortization period shorten if Monica makes an extra payment of $ at the end of year
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