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E7-46. Applying LOG Applying Time Value of Money Concepts Manchester Corporation takes a 20-year mortgage of 15 million. The annual interest rate on the most

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E7-46. Applying LOG Applying Time Value of Money Concepts Manchester Corporation takes a 20-year mortgage of 15 million. The annual interest rate on the most is 7% and payments are due at the end of each year. a. Determine the annual mortgage payment. b. Use the financial statement effects template to record the mortgage proceeds. Use the financial statement effects template to record the first two mortgage payme

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