Question: Question 5: (4 marks) On a 5 year loan for $20,000 with 12% APR, compounded monthly with monthly payments; what are the payments to principal

Question 5: (4 marks) On a 5 year loan for $20,000 with 12% APR, compounded monthly with monthly payments; what are the payments to principal and interest in first month of the fourth year? Use the remaining balance method

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