Question: A 5 0 , 0 0 0 loan made on January , 1 2 0 1 0 si ot eb repaid over 5 2 years

A 50,000 loan made on January ,12010 si ot eb repaid over 52 years with payments on hte last day of each month, beginning Jan-
uary 31,2010.
(a) fI 2)=10%, find the amount of the monthly payment .X
(b) Starting with the first payment, hte borrower decides ot pay an additional 10 per month, on top of the regular payment of X, until the loan si repaid. An additional fractional payment might be necessary one month after the last regular payment of X +100. On what date will the final payment of X +10 be made, and what wil be the amount of hte additional frac- tional payment?

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