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I was able to figure out the first portion but I am having trouble figuring out the second. You borrow $150,000 to purchase a new
I was able to figure out the first portion but I am having trouble figuring out the second.
You borrow $150,000 to purchase a new house. The bank offers you a special 20 year loan with a 7% interest rate and you will make annual payments. How large will each payment be? If you want to sell your house after 7 years, how much will you owe and need to pay to pay off the loan? Solution: $14,158.94 and $118,335.47Step by Step Solution
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