Determine the extra amount

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Jones purchased a cottage, paying $10 000 down and agreeing to pay $500 at the end of every month for the next ten years. The rate of interest is /2=12%. Jones discharges the remaining indebtedness without penalty by making a single payment at the end of 5 years. Determine the extra amount that Jones pays in addition to the regular payment then due.

Reference no: EM133066771

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