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please answer the following: A homeowner takes-out a loan in the amount of $600,000 for a term of 20 years at 6% APR, compounded monthly.
please answer the following:
A homeowner takes-out a loan in the amount of $600,000 for a term of 20 years at 6% APR, compounded monthly. At the end of this 20-year term, the homeowner must pay-off a remaining balance of $300,000 as one large payment. (a) What are the monthly mortgage payments the homeowner must make to the lender in order to fully repay the loan? (b) Theoretically, how many years would it take for this loan to fully amortize
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