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Monthly payments are to be made against an $850,000 loan at 7.15% compounded annually with a 15-year amortization. a. Calculate how much the principal will

Monthly payments are to be made against an $850,000 loan at 7.15% compounded annually with a 15-year amortization.

a. Calculate how much the principal will be reduced in the second year. b. Calculate the total interest paid in the fifth year

You MUST use the TI BA II calculator features (N, I/Y, PV, PMT, FV, AMORT) to solve questions whenever possible.

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