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How much of the payment made at the end of the fourth year

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Question - Ms. Esperanto obtained a $40,500 home equity loan at 8% compounded monthly.

a. What will she pay monthly if the amortization period is 14 years?

b. How much of the payment made at the end of the fourth year will go towards principal and how much will go towards interest?

c. What will be the balance on the loan after four years?

d. How much interest did she pay during the fourth year?

Reference no: EM133024182

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