You borrow 50000 5 year loan to make renovations to a house, Ask an Expert

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You borrow $50,000 5 year loan to make renovations to a house. The interest rate on this loan is 8% per year. The loan calls for equal monthly payments.

What is the monthly payment on this loan?

When you make the third payment, how much of the payment is interest?

How much is principal?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M91382258

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