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Find the unpaid balance on the debt. (Round your answer to the nearest cent.) After 7...

Find the unpaid balance on the debt. (Round your answer to the nearest cent.) After 7 years of monthly payments on $150,000 at 5% for 25 years.

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Expert Solution

Monthly payments= $ 876.89 as follows:

Unpaid balance after 7 years is the present value of remaining installments= $124,728.71

Calculated as PV of annuity as follows:

jeff jeffy answered 1 year ago
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