# Elkford Loggings bank will fix the interest rate on a $60,000 loan at 8.1% compounded monthly for

## Question:

a. If the prevailing interest rate on four-year loans at the beginning of the second term is 7.5% compounded monthly, what will be the monthly payments for the last four years?

b. What will be the interest portion of the twenty-third payment?

c. Calculate the principal portion of the fifty-third payment.

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## Step by Step Answer:

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