Question: 3 . A fully amortizing mortgage loan is made for $ 1 0 0 , 0 0 0 at 6 percent interest for 3 0

3. A fully amortizing mortgage loan is made for $100,000 at 6 percent interest for 30 years. a) Calculate a monthly payment for a CPM Loan. b) Assume the loan is repaid at the end of 8 years. What will be the outstanding balance?

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