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5. (a) What are the monthly payments on a 20-year, $200,000 loan having 6% annual interest,...

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Advance Math

5. (a) What are the monthly payments on a 20-year, $200,000 loanhaving 6% annual interest, compounded monthly? Interest is computedbased on the balance at the beginning of each month, and paymentsare made at the end of eachmonth.

(b) How much must be deposited each month to achieve a balanceof $200,000 at the end of 25 years, at 6% annual interestcompounded monthly? Deposits are made at the beginning of eachmonth, and interest is paid on the balance at the end of eachmonth.

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QuestionAhere loan amount or we can say present value    See Answer
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