Question: The interest rate on a $30,000 loan is 7.5% compounded monthly. a. What monthly payments are required to pay off the loan in eight years?

The interest rate on a $30,000 loan is 7.5% compounded monthly.
a. What monthly payments are required to pay off the loan in eight years?
b. What monthly payments would be required to reduce the balance to $10,000 after five years?

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