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Question - To help pay for culinary school, Joe borrowed money from a bank.

He took out a personal, amortized loan for $56,000, at an interest rate of 5.7%, with monthly payments for a term of 15 years.

For each part, do not round any intermediate computations and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas.

Required -

(a) Find Joe's monthly payment.

(b) If Joe pays the monthly payment each month for the full term, find his total amount to repay the loan.

(c) If Joe pays the monthly payment each month for the full term, find the total amount of interest he will pay.

Reference no: EM132535209

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