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To buy a new house, you must borrow $ 1 5 0 , 0 0 0 . To do this, you take out a $

To buy a new house, you must borrow $150,000. To do this, you take out a $150,000,25-year, 11 percent mortgage. Your mortgage payments, which are made at the end of each year(one payment each year), include bothprincipal and 11 percent interest on the declining balance. The amount of your annual payment will be

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