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1. You want to purchase $165,000 a summer cabin. You decide to pay a down- payment of $30,000 and take out a 25-years loan for
1. You want to purchase $165,000 a summer cabin. You decide to pay a down- payment of $30,000 and take out a 25-years loan for the remaining amount. If the interest rate of the loan is 4.95% compounded monthly, then the monthly payment will be $ . When using the TVM Solver to find the monthly payment for this problem, then PV = (Value - Do NOT put commas to separate hundreds from thousands, thousands from millions, ...) and FV (Value - Do NOT put commas to separate hundreds from thousands, thousands from millions, ... )
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