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Given the following terms a loan amount of $1,200,000; annual rate of 5.33%; a 5 year...

Given the following terms a loan amount of $1,200,000; annual rate of 5.33%; a 5 year term with a future payoff balance of $60,000. Determine what's your a. monthly payment, b. interest portion of your payment in month 5, and c. principal payments paid in year 3

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Answer #1

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

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