Assume the following: Loan Amount: $200,000 Interest rate: 8 percent annually Term: 30 years

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answerhappygod
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Assume the following: Loan Amount: $200,000 Interest rate: 8 percent annually Term: 30 years

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Assume the following:
Loan Amount: $200,000
Interest rate: 8percent annually
Term: 30years, monthly payments
(a) What is the monthly payment? Show yourwork.
(b) What will be the loan balance at theend of ten years?
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