Suppose you want to borrow $95,000 and you find a bank offering a 20-year loan...
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Suppose you want to borrow $95,000 and you find a bank offering a 20-year loan with an APRof 5%.a. Find your regular payments if you pay n = 1, 12, 26, 52 times a year.b. Compute the total payout for each of the loans in part (a).c. Compare the total payouts computed in part (b).a. The payment for n = 1 would be $ 7,623.05.The payment for n = 12 would be $ 626.96.The payment for n = 26 would be $289.18.The payment for n = 52 would be $144.55.(Do not round until the final answer. Then round to the nearest cent as needed.)b. For n = 1, the total amount paid is $, for n = 12, the total amount paid is $, for n = 26,and for n = 52, the total amount paid is $ the total amount paid is $(Round to the nearest dollar.)
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