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(Annuity payments) To buy a new house, you must bomow $160,000. To do this, you take out a $150,000, 20-year, 9 percent mortgage. Your mortgage
(Annuity payments) To buy a new house, you must bomow $160,000. To do this, you take out a $150,000, 20-year, 9 percent mortgage. Your mortgage payments, which are made at the end of each your (one payment each year), include both principal and 9 percent interest on the declining balance. How large will your annual payments be?
The amount of your annual payment will be $ (Round to the nearest cent)
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