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Calculate balance after five years using prospective method

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Reference no: EM132833864

A $57,000 mortgage loan at 6.9% compounded monthly requires monthly payments during its20-year amortization period.

Problem 1: Calculate the monthly payment rounded to the nearest cent.

Problem 2: Calculate the balance after five years using both the retrospective method and the prospective method.

Reference no: EM132833864

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