executive is going to purchase a vacation property for investment purposes. She needs to borrow $120,000.00 for 26 years at 4.7% compounded monthly, and will make monthly payments of $666.99. If needed, round to 2 decimal places. a) What is the unpaid balance after 12 months? $ b) During this time period, how

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Amortized Loans

The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.