Question: Suppose that you borrowed $300,000 using a 30 -year loan with an annual interest rate of 8% with monthly payments and monthly compounding. Answer the

Suppose that you borrowed $300,000 using a 30 -year loan with

Suppose that you borrowed $300,000 using a 30 -year loan with an annual interest rate of 8% with monthly payments and monthly compounding. Answer the questions that follow about the loan. a What will the monthly payment be for this loan? b. How much will you still owe on this loan at the end of the 6th year? c. How much of the 35 th payment will consist of principal? d. How much interest will you pay in the 9th year of this loan

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