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Loan Monthly Payment Assignment | Homework For You

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May 25th, 2020

A borrower is repaying a $31000 loan at 6.1%/year compounded monthly with monthly payments over 18 years. Just after the 54th payment he has the loan refinanced at 4.1%/year compounded monthly. If the number of payments remains unchanged, what will be the new monthly payment? Get Finance homework help todayHomework For You

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