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1.How much interest will you pay in the 13th year of a $120,000, 8.5%, 25 year mortgage, assuming annual compounding? a. 7,351.362 b. 7,514.997 c.

1.How much interest will you pay in the 13th year of a $120,000, 8.5%, 25 year mortgage, assuming annual compounding?

a. 7,351.362

b. 7,514.997

c. 7,665.261

Please provide excel work or TI-83 Plus instructions. Thank you!

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