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A partially amortizing mortgage is made for $69,000 for a term of 10 years. The borrower and lender agree that a balance of $21,800 will remain and be repaid as a lump sum at that time. A. If the interest rate is 7 percent, what must monthly payments be over the 10-year period? B. If the borrower chooses to repay the loan after five years instead of at the end of year 10, what must the loan balance be?
Sagot :
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