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A 30-year graduated payment mortgage of $100000 is to be repaid with annual payments at the end of each year. Each payment for the first
A 30-year graduated payment mortgage of $100000 is to be repaid with annual payments at the end of each year. Each payment for the first five years is 5% greater than for the preceding year, while each payment thereafter is equal to the payment at the end of the first five years. Interest on the loan is at 9% effective. Find the initial payment at the end of the first year
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