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Using Calculator method Kiara received a 30 year loan of $280,000 to purchase a house. The interest rate on th loan was 2.30% compounded semi-annually.
Using Calculator method
Kiara received a 30 year loan of $280,000 to purchase a house. The interest rate on th loan was 2.30% compounded semi-annually. a. What is the size of the monthly loan payment? Round to the nearest cent b. What is the balance of the loan at the end of year 4 ? Round to the nearest cent c. By how much will the amortization period shorten if Kiara makes an extra paymen of $30,000 at the end of year 4 ? years monthsStep by Step Solution
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