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Mr. Bill S. Preston, Esq., purchased a new house for $160 comma 160,000. He paid $15,000 down and agreed to pay the rest over the
Mr. Bill S. Preston, Esq., purchased a new house for $160 comma 160,000. He paid $15,000 down and agreed to pay the rest over the next 25 years in 25 equal end-of-year payments plus 131 percent compound interest on the unpaid balance. What will these equal payments be?
The equal payments will be
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