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You borrow a GPM of $120,000 with annual payments and 30-year term.The interest rate is 10%. The payment rises by 2% each year. Questions: What

You borrow a GPM of $120,000 with annual payments and 30-year term.The interest rate is 10%. The payment rises by 2% each year.

Questions:

  1. What are the annual payments for years 1 to 30?

Please show calculations using excel.

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