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(Annuity payments) To buy a new house, you must borrow $165,000. To do this, you take out a $165,000, 20-year, 8 percent mortgage. Your
(Annuity payments) To buy a new house, you must borrow $165,000. To do this, you take out a $165,000, 20-year, 8 percent mortgage. Your mortgage payments, which are made at the end of each year (one payment each year), include both principal and 8 percent interest on the declining balance. How large will your annual payments be?
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