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To buy a new house, you must borrow $ 1 4 0 , 0 0 0 . To do this, you take out a $

To buy a new house, you must borrow $140,000. To do this, you take out a $140,000,30-year, 9 percent mortgage. Your mortgage payments, which are made at the end of each year (one payment each year), include both principal and 9 percent interest on the declining balance. How large will your annual payments be?

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