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What is the interest component

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1. A 10 year, 6% loan for $10,000 was made 5 years ago. If monthly payments have been made as scheduled, what is the balance?

2. You owe $33,500 on a house at 6%. Making $1,500 monthly payments, how long until you pay off the house?

3. What is the balance owed after the SECOND monthly payment on a $65,000, 30-year, 8% note?

4. Tom borrows $125,000 on a 15-year, 6% loan. What is the interest component of his SECOND monthly payment?

5. Make/Use an amortization table for a $10,000 loan at 8%, with a term of 5 years and annual payments.

Reference no: EM132664230

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