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Ms. Esperanto obtained a $40,300 home equity loan at 7.8% compounded monthly. (Do not round intermediate calculations. Round the PMT and final answers to 2
Ms. Esperanto obtained a $40,300 home equity loan at 7.8% compounded monthly. (Do not round intermediate calculations. Round the PMT and final answers to 2 decimal places.) a. What will she pay monthly if the amortization period is 13 years? Payment $ per month b. How much of the payment made at the end of the fourth year will go towards principal and how much will go towards interest? Principal Interest VA A c. What will be the balance on the loan after four years? Balance d. How much interest did she pay during the fourth year? Interest paid $
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