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  • 22-02-2024
  • Business
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A $50,000 interest only mortgage loan is made for 30 years at a nominal interest rate of 6%. Interest is to be accrued daily, but payments are to be made monthly. Assume 30 days each month.

a. What will the monthly payments be on such a loan?
b. What will the loan balance be at the end of 30 years?

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