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23-12-2022
Business

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a partially amortizing mortgage is made for $67,000 for a term of 10 years. the borrower and lender agree that a balance of $21,400 will remain and be repaid as a lump sum at that time. required: a. if the interest rate is 7 percent, what must monthly payments be over the 10-year period? b. if the borrower chooses to repay the loan after five years instead of at the end of year 10, what must the loan balance be?

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