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A reverse mortgage is made with a balance not to exceed $300,000 on a property...

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Finance

A reverse mortgage is made with a balance not to exceed $300,000 on a property now valued at $700,000. The loan calls for monthly payments to be made to the borrower for 120 months at an an interest rate of 11 percent.

What will the monthly payments be?

What will be the loan balance at the end of year 3?

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