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A $85,000 home loan is obtained for 20 years at 8.6% converted monthly. After 10 years...

A $85,000 home loan is obtained for 20 years at 8.6% converted monthly. After 10 years the loan can be refinanced at 6.3%. Determine the size of the new payment if the term of the loan stays the same, and determine the term of the loan and the size of the smaller concluding payment if the payment size stays the same.

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Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

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