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What will the monthly payments be

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Reference no: EM132742957

Question - The McGowans are arranging a $90,000 mortgage loan from their bank. The interest rate on the loan will be 7.9% compounded semiannually.

Required -

a. What will the monthly payments be if the loan has a 20-year term?

b. If the McGowans choose to pay $800 per month, how long will it take to pay off the loan?

Reference no: EM132742957

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