5-13A. (Loan amortization) Mr. Bill S. Preston, Esq., purchased a new house for $80,000. He paid $20,000

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5-13A. (Loan amortization) Mr. Bill S. Preston, Esq., purchased a new house for $80,000. He paid $20,000 down and agreed to pay the rest over the next 25 years in 25 equal annual payments that include principal payments plus 9 percent compound interest on the unpaid balance. What will these equal payments be?

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Financial Management Principles And Applications

ISBN: 9780131450653

10th Edition

Authors: Arthur J. Keown, J. William Petty, John D. Martin, Jr. Scott, David F.

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