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Seven years ago, Carlos took out a mortgage for $185,000 at an annual 5.6 percent, compounded monthly, for 30 years. He has made all of
Seven years ago, Carlos took out a mortgage for $185,000 at an annual 5.6 percent, compounded monthly, for 30 years. He has made all of the monthly payments as agreed.
a) What is his monthly mortgage payment?
b) What is his current loan balance?
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