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(Loan amortization) To buy a new house you must borrow $ 155,000. To do this you take out a $155,000, 30-year, 8 percent mortgage. Your
(Loan amortization) To buy a new house you must borrow $ 155,000. To do this you take out a $155,000, 30-year, 8 percent mortgage. Your mortgage payments, which are made at the end of each year (one payment each year), include both principal and 8 percent interest on the declining balance. How large will your annual payments be? The amount of your annual payments will be $ . (Round to the nearest cent.)
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