What must their monthly payments be for the first years

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Reference no: EM13167628

Years after Jane Doe buys her new car, she meets John Buck and they get married. As new lyweds they would like to find a new house to move into. they find a nice house in Mayberry for $200,000. thgether they do not have $200,000 laying around so they go to the bank to get a loan. the bank charges interest of 4.5% interest per year compounded monthly for the first 10 years, then 5.6% interest per year compounded monthly the remaining years. if the loan has to be paid back in 20 years, what must their monthly payments be for the first 10 years?

Reference no: EM13167628

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