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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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