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6 A loan of $200,000 is given for 12 years with 6% annually, paid with a month

by | Apr 5, 2022 | Finance

 

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6 A loan of $200,000 is given for 12 years with 6% annually, paid with a monthly payment. After three years the interest rate is reduced by two percent points. Calculate and explain what action may be taken.
6a) If the monthly payment of the above case is less than what is evaluated by the PMT function, and less than the interest payment of the first period, what is happening?
ONLY ANSWER QUESTION 6A)

 

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