A couple borrowed $80,000 at 7% to purchase a house. The loan is to be repaid in
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A couple borrowed $80,000 at 7% to purchase a house. The loan is to be repaid in equal monthly payments over a 30-year period. The first payment is paid exactly at the end of the first month. Calculate the interest and principal in the second payment, if the second payment is made 33 days after the first payment.
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Interest Rate per Month 00712 000583month Interest Rate per Day 007365 0000192day Payment P i 1 ...View the full answer
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