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Outstanding principal after second payment

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1. A debt of $12,000 is to be amortized by equal payments at the end ofeach month for five years. Interest is charged at 24% compoundedmonthly.

a. What is the size of each payment?

b. Construct a partial amortization schedule to show the outstanding principal after the second payment.

c. What interest and principal is included in the 35th payment?

Reference no: EM131335542

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