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Mr. Brown amortizes a loan of $ 213,000 from a Bank for his business by obtaining 10-year mortgage at the rate 8% compounded monthly. a)
Mr. Brown amortizes a loan of $ 213,000 from a Bank for his business by obtaining 10-year mortgage at the rate 8% compounded monthly. a) How much is the monthly payment? b) Find the total interest charges c) Find the principal remaining after 6 years d) If the bank gives an interest rate of 5% in installments for 15 years, what is your advice?
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