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

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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?

Related Book For answer-question

Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Posted Date: Feb 22, 2024 04:42 AM

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

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Expert Answer:

To calculate the monthly payment we can use the formula for the monthly payment of a fixedrate mortg... View the full answer

Personal Finance

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