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Campbell Bernard
04/11/2024 · Junior High School

interest rate per year compounded monthly, with a term of seven years. The rest of the money will be paid by Jonty as a deposit for the truck. After five years, the bank adjusts the interest rate to \( 15 \% \) per year, compounded monthly. What will the new monthly payment be if the other terms of the loan remain the same?

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To find the new monthly payment after the interest rate adjustment, calculate the initial loan amount and monthly payment for the first five years, determine the remaining balance after five years, and then calculate the new monthly payment based on the remaining balance, the new interest rate of 15% per year compounded monthly, and the remaining term of 2 years.

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