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You have just purchased a new house for S150,000! You have been given a financing option that allows you to mnake year y payments or
You have just purchased a new house for S150,000! You have been given a financing option that allows you to mnake year y payments or 20 years at an interest rate of 6%. In order to take advantage of this, you must put $25,000 down. What is the yearly payment? 6. After the fifth payment, what lump-sum amount would completely pay off the loan
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