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Monthly payments are to be made against an $850,000 loan at 7.25% compounded annually with a 15-year amortization. a) What is the size of the
Monthly payments are to be made against an $850,000 loan at 7.25% compounded annually with a 15-year amortization.
- a) What is the size of the monthly payment?
- b) Calculate the principal portion of the 50th payment.
- c) Calculate the interest portion of the 100th payment.
- d) Calculate how much the principal will be reduced in the third year.
- e) Calculate the total interest paid in the second year.
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principal amount P 850000 Interest rate 7 25 Time period 15 years or 180 m...
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Computer Networking A Top-Down Approach
Authors: James F. Kurose, Keith W. Ross
5th edition
136079679, 978-0136079675
