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##### Computation of interest and principal amount

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Question;The Sundarams are buying a new 3,500-square-feet house in Muncie, Indiana and will borrow $263,233 from Bank One at a rate of 5.518 percent for 15 years.What will be their monthly loan payment? (Round intermediate calculations to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)Monthly loan paymentWhat will be the principal amount of the loan at the end of 5 years and immediately after making their 60th payment? (Round intermediate calculations to 4 decimal places, e.g. 1.5212 and final answer to 2 decimal places, e.g. 15.25.)Principal amount of the loan $;What will be the interest and principal amount during the first 5 years of the loan? (Round answers to 2 decimal places, e.g. 15.25.)Interest $Principal amount $

Paper#50535 | Written in 18-Jul-2015

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