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The vendor is ready to consent to the buyer a balance of the sale price under the following conditions: Compounding aspect (C/Y= 2) Monthly payments

The vendor is ready to consent to the buyer a balance of the sale price under the following conditions: Compounding aspect (C/Y= 2) Monthly payments (P/Y=12) Loan amount: $60,000 Amortization period: 25 years Term: 2 years Nominal interest rate: 5% Calculate the monthly payment (show your settings and calculations) and calculate the Outstanding Balance at term. (4 points)

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