The McGowans are arranging a $90,000 mortgage loan from their bank. The interest rate on the loan

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The McGowans are arranging a $90,000 mortgage loan from their bank. The interest rate on the loan will be 7.9% compounded semiannually.

a.What will the monthly payments be if the loan has a 20-year term?

b.If the McGowans choose to pay $800 per month, how long will it take to pay off the loan?

Posted Date: May 13, 2024 03:34 AM

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The McGowans are arranging a $90,000 mortgage loan from their bank. The interest rate on the loan

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