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You borrow a GPM of $100,000 with annual payments and 30-year term. The interest rate is 10% and the payment factors from year 1 to
You borrow a GPM of $100,000 with annual payments and 30-year term. The interest rate is 10% and the payment factors from year 1 to year 7 are as follows: 50%, 60%, 70%, 80%, 90%, 100%, 110%, and then level off in year 8 Questions: 1. What are the annual payments for years 1 to 10? 2. What is remaining balance at the end of year 1? 3. What are interest payment and principal payment for years 1 to 10?
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