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QUESTION
(a) What are the monthly payments on a 25-year, $100,000 loan at 6% annual interest, compounded monthly?
- (a) What are the monthly payments on a 25-year, $100,000 loan at 6% annual interest, compounded monthly? Interest is computed based on the balance at the beginning of each month, and payments are made at the end of each month.
- (b) How much must be deposited each month to achieve a balance of $100,000 at the end of 25years,at 6% annual interest compounded monthly? Deposits are made at the beginning of each month, and interest is paid on the balance at the end of each month.
