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On a 30-year, fixed-rate loan with a monthly payment of $1,000 and an interest rate of...

On a 30-year, fixed-rate loan with a monthly payment of $1,000 and an interest rate of 9%, what is the outstanding balance due on the loan with after the borrower has made 18 years of payments?

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Expert Solution

solved using (I) financial formula and (II) excel function

jeff jeffy answered 11 months ago
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