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Ms. Esperanto obtained a $41,400 home equity loan at 8.8% compounded monthly. (Do not round intermediate calculations. Round the PMT and final answers to 2
Ms. Esperanto obtained a $41,400 home equity loan at 8.8% 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? 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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