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(Solved): A Family Has A $137,235, 30-year Mortgage At 5.4% Compounded Monthly. Find The Monthly Payment. Also ...

A family has a $137,235, 30-year mortgage at 5.4% compounded monthly. Find the monthly payment. Also find the unpaid balance after the following periods of time. (A) 10 YEARS (B) 20 YEARS (C) 25 YEARS.

Expert Answer

EMI = [P x R x (1+R)^N]/[(1+R)^N-1] Where, EMI= Equal Monthly Payment P= Loan Amount R= Interest rate per period N= Number of periods = [ $1
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