Mortgage loan is arranged at APR

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A $300,000 mortgage loan is arranged at an APR of 12% compounded quarterly. The quarterly loan payments are calculated using a 20-year amortization period. After 2 years (immediately after you made the eighth payment) you have to move to a new city so you sell the house and you pay what is left of the loan to the bank. How much is your payment?

Reference no: EM131917893

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