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Mr Smith has arranged for a mortgage loan of $200,000. The annual rate on the loan is 12%. The bank requires Mr Smith to make

Mr Smith has arranged for a mortgage loan of $200,000. The annual rate on the loan is 12%. The bank requires Mr Smith to make payments of $4,212.90 at the end of every month. How many payments will Mr Smith have to make?Pls explain using the attached formula

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(1+7) 3. FV = PV(1 +r)T 4. r = ( FU ) -IE - 1 In FV 5. T = PV In(1+7) Annuity 1. PV - pit 1 PVT 2. pmt 1

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