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Question - Dan is considering borrowing $359,000 to purchase a new condo. Based on that information, answer the following questions. Show all work.

1. Calculate the monthly payment needed to amortize a 3.5% fixed-rate 30-year mortgage loan.

2. Calculate the monthly amortization payment if the loan in (a.) was for 15 years instead.

3. In a few sentences, explain the effect of a smaller loan period. How does it influence the monthly payment and interest?

Reference no: EM133154204

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