Armed with a down payment, take out a loan for 30 year fixed at 8% with a
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Question:
Armed with a down payment, take out a loan for 30 year fixed at 8% with a monthly payment of $4,000 a month.
a. How much would they receive as a loan:
b. Amortize the first three payments on the 6-year loan.
Provide:
• Interest expense for the first three months of the loan
• $$ flows for the first three months of the loan
• Loan Balance at end of the first three months of the loan.
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