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1 three years ago you took out a 30-year amortizing loan

1. Three years ago you took out a 30-year amortizing loan. The loan has a 6% APR with monthly payments (and monthly compounding).

a) What are your monthly payments if your current loan balance is $368; 600?

b) How much interest did you pay on the loan in the past year?

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Finance Basics: 1 three years ago you took out a 30-year amortizing loan

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