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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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