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PV Calculations

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1. Calculate the monthly payment for a $200,000 loan at 6% for 30 years.
Please show work and formulas

a. What is the difference in payoff length and total amount paid over the life of the loan if ONE extra payment of $500.00 were made towards principle during the first payment?
Please show work and formulas

b. What is the difference if an extra principle payment of $50.00 per month were made during the first three months of the loan?
Please show work and formulas

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