[Solved] You finance a house purchase with a 2 0 -

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You finance a house purchase with a 2 0 - year mortgage with an effective annual interest rate of 6 % . Your first annual

You finance a house purchase with a

20 -

year mortgage with an effective annual interest rate of

6 % .

Your first annual mortgage payment is $

30, 000

at the beginning of the first year, and subsequent payments decrease by $

1, 000

each year.

What is the purchase value of the house?

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