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5. Suppose that you and your spouse have recently purchased a house with a loan of $50,000. The terms were 15 percent interest and annual

5. Suppose that you and your spouse have recently purchased a house with a loan of $50,000. The terms were 15 percent interest and annual payments of $7,988.07 for 20 years. What proportion of the loan will have been paid off after 20 years? 5 years? 8 years? 12 years?

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