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William Kimilu borrows Sh.7, 000,000 at 12% interest rate toward the purchase of a new house. His mortgage is for 30 years. a. How much

William Kimilu borrows Sh.7, 000,000 at 12% interest rate toward the purchase of

a new house. His mortgage is for 30 years.

a. How much will his annual payments be?

b. How much should he be willing to pay to get out of a 12% mortgage and into a 10% mortgage with 30 years remaining on the mortgage?

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