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You borrow $50,000 5 year loan to make renovations to a house. The interest rate on this loan is 8% per year. The loan calls

You borrow $50,000 5 year loan to make renovations to a house. The interest rate on this loan is 8% per year. The loan calls for equal monthly payments.

1. What is the monthly payment on this loan?

2. When you make the third payment, how much of the payment is interest?

3. How much is the principal?

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