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Math of Finance You obtain a 150,000 home loan for $25 years at 4.8% interest compounded monthly....

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Advance Math

Math of Finance

You obtain a 150,000 home loan for $25 years at4.8% interest compounded monthly. After 8years the rate is raised to 6.3%Compute:

a)The new payment if the term of the loan is to remain thesame.

b) The term of the loan if the payment remains the same. What isthe size of the concluding payment?

DO NOT USE EXCEL TO RESPOND TO THIS QUESTION. Use theappropriate formula and show work instead.

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