Answered

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3. Use the given yearly payment schedule.
a. What is the loan amount?
b. What is the length of the loan?
c. What is the monthly payment?
Year
1
2
3
4
5
6
7
8
9
10
Principal
Paid
Interest
Paid
$680.52
$775.41
$737.01
$718.92
$798.18 $657.75
$864.43
$591.50
$936.17
$1013.88
$1098.03
$519.76
$442.05
$357.90
$1189.16 $266.77
$1287.86 $168.07
$1394.76
$61.18
Loan
Balance
$10,000.00
$9319.48
$8582.47
$7784.29
$6919.86
$5983.69
$4969.81
$3871.78
$2682.62
$1394.76
$0.00

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