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The McGowans are arranging a $190,000 mortgage loan from their bank. The interest rate on the loan will be 9.7% compounded semiannually. a. What will

The McGowans are arranging a $190,000 mortgage loan from their bank. The interest rate on the loan will be 9.7% compounded semiannually.

a. What will the monthly payments be if the loan has a 20-year term?

b. If the McGowans choose to pay $1800 per month, how long will it take to pay off the loan?

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