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Posted on Aug 05, 2024

You have borrowed $ 7 0 0 , 0 0 0 for your house. The bank is charging you 8 % per year for a

You have borrowed $

700, 000

for your house. The bank is

charging you

8 %

per year for a period of

20

years. Your

payments are annual. At the end of year

8

what should be

your interest payment?

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