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Find the value of the monthly payment

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Reference no: EM132540212

LOAN AMORTIZATION (Please provide a very detailed explanation and a proper formula for a better understanding also provide a timeline)

A family buys a house worth $326,000. They pay $75,000 deposit and take a mortgage for the balance at J12=9% p.a. to be amortized over 30 years with monthly payments;

A. Find the value of the monthly payment?

B. Find the loan outstanding after making 20 payments?

C. Find the principal repaid in the 21st payment?

Reference no: EM132540212

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