A loan for 500000 is negotiated for an annual rate of 11, Ask an Expert

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A loan for $500,000 is negotiated, for an annual rate of 11%, and a 15-year term with monthly payments. A payment in the amount of $5,500 is negotiated. What type of amortization loan is this?

a. Partial amortization

b. Full amortization

c. Zero amortization

d. Negative amortization

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