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A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in equal…
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A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
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A: Note: It is assumed that the loan is given on a simple interest rate basis. Simple Interest refers…
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A: Amortized loan include a series of equal timely instalments paid at the end of each time interval.…
Q: Manuel and Aponi want to buy a $221,000 home. They plan to pay 20% as a down payment, and take out a…
A: A mortgage is a loan that is taken out with the intent to purchase a property. The property in…
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A: In order to find the monthly payment one can use excel and in excel use PMT function.
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A: Simple interest is calculated by multiplying borrowed amount , interest rate and time. Simple…
A student borrows $3000 from his uncle in order to finish school. His uncle agrees to charge him simple interest at the rate of 5.5% per year. Suppose the student waits two years and then repays the entire loan. How much will he have to repay?

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