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Suppose you want to borrow $110000 and you find a bank offering a 20-year loan with an APR of 7%. a. Find your regular payments
Suppose you want to borrow $110000 and you find a bank offering a 20-year loan with an APR of 7%. a. Find your regular payments if you pay n=1, 12, 26, 52 times a year. b. Compute the total payout for each of the loans in part (a). c. Compare the total payouts computed in part (b). a. The payment for n=1 would be? The payment for n=12 would be ? The payment for n=26 would be ? The payment for n=52 would be ?
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