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You receive a loan of $100,000 (including all closing costs), at 6 percent interest for 30 years. Assuming the first payment is due at the
You receive a loan of $100,000 (including all closing costs), at 6 percent interest for 30 years. Assuming the first payment is due at the end of the first month, find
a. The monthly payment
b. The amounts of principle and interest for the first payment
c. The principle balance and total interest paid at the end of 4 years (after 48th "payment)
d. If there were 3 points added to the loan, what would be the effective interest rate?
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