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What is the monthly payment for this loan

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Question - You borrowed $40,000 two years ago. The loan terms are: 6-year loan with APR of 12% compounded monthly.

1. What is the monthly payment for this loan?

2. What is the loan balance today?

3. Today, you decide you want to pay off the loan in 30 months rather than the remaining life of the loan. How much more do you have to add to your monthly payment in order to accomplish this goal?

Reference no: EM132842738

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