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You decide to purchase a new home and need a $160,000 mortgage. You take out a loan from the bank that has an interest rate

You decide to purchase a new home and need a

$160,000

mortgage. You take out a loan from the bank that has an interest rate of

7%.

What is the yearly payment to the bank to pay off the loan in 10 years?

FP =

$nothing

(Round your response to two decimal places.)

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