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The McGowans are arranging a $110,000 mortgage loan from their bank. The interest rate on the loan will be 5.9% compounded semiannually. a. What will
The McGowans are arranging a $110,000 mortgage loan from their bank. The interest rate on the loan will be 5.9% compounded semiannually.
a. What will the monthly payments be if the loan has a 25-year term?
b. If the McGowans choose to pay $750 per month, how long will it take to pay off the loan?
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