How much will he owe at the end of two years

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A business owner arranges for a start up loan for $166300 where the first payment will be deferred for 2 years. After that he will make equal payments for 2 more years until the loan is paid off. The bank is charging him 5% per year compounded monthly.

a. How much will he owe at the end of two years? $  

b. How much of his balance at the end of two years represents unpaid interest? $  

c. What are the monthly payments? $

Reference no: EM132006038

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