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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 .
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 are the annual payments for years 1 to 30?
What is remaining balance at the end of each year?
What are the interest payment and principal payment for years 1 to 30?
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