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Suppose you want to borrow $120,000 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
$120,000
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).
Thank you!
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