What is the partial payment for the last month

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Reference no: EM13879327

Aquitaine Corporation has borrowed $1.35 million from a bank with the understanding that it will pay $60,000 a month, until the loan is paid off. The bank will charge 6% per annum interest on the unpaid balance, calculated monthly. Aquitaine will make the payments at the end of each month. Find the following:

(A) How long will it take Aquitaine to pay off the loan?

(B) What is the partial payment for the last month?

Reference no: EM13879327

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