The loan calls for equal monthly payments

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Reference no: EM13812277

You borrow $50,000 5 year loan to make renovations to a house. The interest rate on this loan is 8% per year. The loan calls for equal monthly payments.

1. What is the monthly payment on this loan?

2. When you make the third payment, how much of the payment is interest?

3. How much is principal?

Reference no: EM13812277

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