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What is the outstanding balance on the loan

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Dawson borrows $75,000 for three years from the bank to purchase a sailboat. This is an amortized loan with equal payments each month. The loan is fully paid off with the final payment. The quoted interest rate (APR) is 9% per year with monthly compounding. Assuming you make all of your payments on time:

a) What is the outstanding balance on the loan right after you have made your 30th payment?

b) What portion of the 31st payment is principal?

 

Reference no: EM13257196

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