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Assume Jimmy borrows $710,000 today for a house mortgage, and plans to pay back in full after paying for 25 years. If the interest rate
Assume Jimmy borrows $710,000 today for a house mortgage, and plans to pay back in full after paying for 25 years. If the interest rate is 10.8% and it will compound semiannually, how much should Jimmy pay each year? HINT: Remind yourselves of the fact that the value of "payment" you will obtain either by hand or a financial calculator reflects payment per one period, which may not necessarily reflect what you pay in a year. O $41,319.36 O $49,168.76 O $82,638.72 O $78.476.49
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