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The local bank offers a fixed rate, constant payment amortizing loan of $100,000 with a 5.00% interest rate, 15-year amortization period and 5-year term. What

The local bank offers a fixed rate, constant payment amortizing loan of $100,000 with a 5.00% interest rate, 15-year amortization period and 5-year term. What is

c) the mortgage constant on the loan? (Note: the mortgage constant is the total annual debt service divided by the loan amount.)

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