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Suppose that you and your spouse have recently purchased a house with a loan of $50,000. The termswere 15 percent interest and annual payments of

Suppose that you and your spouse have recently purchased a house with a loan of $50,000. The termswere 15 percent interest and annual payments of $7,988.07 for 20 years. What proportion of the loan will have been paid off after 20 years? 5 years? 8 years? 12 years? Could you put how you found the answer or the formula too so I can remember it?

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