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Rutherford Hayes has borrowed $80000 as mortgage loan at 7.5% interest rate and 30-year term. He...

  1. Rutherford Hayes has borrowed $80000 as mortgage loan at 7.5% interest rate and 30-year term. He has to pay the loan in monthly installments. After how many payments will the unpaid balance become $40000?  (Answer: 264.94 months)

Please answer in excel format

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Answer #1

Monthly payment is $5,593.72

Hence, Number of payments are 264.94

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