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Consider a situation in which you take loan from a bank worth $100,000 to buy a house. The fixed-rate mortgage gives you 30 years to

Consider a situation in which you take loan from a bank worth $100,000 to buy a house. The fixed-rate mortgage gives you 30 years to pay the loan at an annual rate of 8%.

a) Calculate the value for the annual payment that you must pay under this contract.

b) What will be the monthly payment?

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