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Problem 8 You want to buy a parcel of land in an area of town in the direction of future development. The lot costs $50,000.

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Problem 8 You want to buy a parcel of land in an area of town in the direction of future development. The lot costs $50,000. The annual payments on a loan to buy the lot would be $6,202.94. If the bank is charging you 9% interest per year, how many payments must you make before you own the land, free and clear? Please show the final answer and excel fucntion

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