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Problem Section (50 Points): 26. Alicia's Clothing Goods just borrowed $240,000 to build a new shop. The mortgage calls for equal monthly payments at the

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Problem Section (50 Points): 26. Alicia's Clothing Goods just borrowed $240,000 to build a new shop. The mortgage calls for equal monthly payments at the end of the month. The loan is for 15 years at an APR of 8 percent. a) What is your monthly payment? b) What is the amount of interest payment for the 1st month/payment? c) What is the amount of principal reduction for the 1 st month/payment? d) What is the total amount of interest you will pay on this loan

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