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(31) A house costs $800,000. The terms of sale are 25% down and the remainder to be paid in monthly pay. ments for 25 years.

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(31) A house costs $800,000. The terms of sale are 25% down and the remainder to be paid in monthly pay. ments for 25 years. The loan is taken at an annual interest rate of 9% compounded monthly. (a) What are the monthly payments? (b) Construct the payment schedule for the first four payments

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