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QUESTION
Consider the mortgage loan of 150,000 at a nominal 6% yearly interest applied monthly at a rate of .5% per month. Monthly payments of 1,000 are being made on the loan. Evaluate how much is owed after
Consider the mortgage loan of 150,000 at a nominal 6% yearly interest applied monthly at a rate of .5% per month. Monthly payments of 1,000 are being made on the loan. Evaluate how much is owed after 1 month.
