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On a loan with j12 = 12% and monthly payments, the amount of principal in the 6 th payment is $40. a) Determine the amount

On a loan with j12 = 12% and monthly payments, the amount of principal in the 6 th payment is $40.

a) Determine the amount of principal in the 15th payment.

b) If there are 36 equal payments in all, determine the amount of the loan.

(Use Ammortization Formulas - Not Excel)

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