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Problem: A couple takes out a p . 7 5 , 0 0 0 mortgage on a house at 8 % interest compounded monthly and

Problem:

A couple takes out a p

. 75, 000

mortgage on a house at

8 %

interest compounded monthly and aqrees to pay it off in

20

years with monthly payments

How are the monthly payments? How much will be left to pay of ter the

100

th payment.

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