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9 February, 16:36

Which of these expressions will give the unpaid balance after 5 years on an $80,000 loan with an APR of 4.8%, compounded monthly, if the monthly payment is $519.17?

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  1. 9 February, 16:37
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    Answer: $80,000 (1+0.004) ^60 + $519.17 [1 - (+0.004) ^60/0.004]
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