Jerry bought a house for $500,000 and made a $100,000 down payment. He obtained a...
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Jerry bought a house for $500,000 and made a $100,000 down payment. He obtained a 30-year loan for the remaining amount. Payments were made monthly. The nominal annual interest rate was 9%. After 10 years (120 payments) he decided to pay the remaining balance on the loan. . A) what was his monthly loan payment? B) What must he have paid (in addition to his regular 120 payment) to pay the remaining balance of his loan
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