What is the size of the monthly payments

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Mary Lib purchases a house for $450,000. She makes a down payment of $40,000 at the time of the purchase, and the balance is financed at 6.0% compounded monhly, with monthly payments made over a 10-year period.

a) What is the size of the monthly payments?

b) If the loan period had been 20 years, what would have been the size of the monthly payments?

Reference no: EM131245955

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