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PLEASE SHOW WORK: Suppose you have a $60,000 loan with an annual percentage rate of 8% for 25 years. What are your required monthly payments?

PLEASE SHOW WORK:

Suppose you have a $60,000 loan with an annual percentage rate of 8% for 25 years.

  1. What are your required monthly payments?

  1. Suppose you pay off the loan in 15 years, rather than 25. What are the required monthly payments?

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