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Calculate the monthly payment needed

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Question - Dan is considering borrowing $500,000 to purchase a new condo. Based on that information, answer the following questions. Show all work.

a) Calculate the monthly payment needed to amortize an 8% fixed-rate 30-year mortgage loan.

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

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

Reference no: EM132913538

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