Question: Given the Following: Amount Borrowed: 200,000 APR: 3% Term: 8 years a. What is the monthly payment? b. What is the amount of the monthly

Given the Following: Amount Borrowed: 200,000 APR: 3% Term: 8 years

a. What is the monthly payment?

b. What is the amount of the monthly payment that is interest in the 8th? month?

c. What is the amount of monthly payment that is principle in the 10th? month?

d. What is the effective interest rate on this? loan?

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