Question: A borrower obtains a fully amortizing CPM loan for $ 1 2 6 , 0 0 0 at 7 percent interest for 1 0 years.

A borrower obtains a fully amortizing CPM loan for $126,000 at 7 percent interest for 10 years.
Required:
What will be the monthly payment on the loan?
If this loan had a maturity of 30 years, what would be the monthly payment?
Note: For all requirements, do not round intermediate calculations. Round your final answers to the 2 decimal places.

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