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 loan made on January si ot eb repaid over years with payments on hte last day of each month, beginning Jan
uary
a fI find the amount of the monthly payment X
b Starting with the first payment, hte borrower decides ot pay an additional 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 On what date will the final payment of X be made, and what wil be the amount of hte additional frac tional payment?
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