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to carry out the refurbishment of a building a loan of $7889000 was obtained. Terms of the loan were: annual interest rate of 9.75% paid

to carry out the refurbishment of a building a loan of $7889000 was obtained. Terms of the loan were: annual interest rate of 9.75% paid monthly in arrears and amortized over a term of 15 years. What is the monthly payment? What is the loan balance after 5 years?

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