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help John has to pay $1,000 per month for his mortgage for another 5 years, but he is considering paying the mortgage off in one

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John has to pay $1,000 per month for his mortgage for another 5 years, but he is considering paying the mortgage off in one lump sum. John cannot calculate the present value of the payments using the annuity formulas because his payments are monthly and not once per year. Select one: True O False

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