You have been approved for a $70,000 loan toward the purchase of a new home at 10%

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You have been approved for a $70,000 loan toward the purchase of a new home at 10% interest. The mortgage is for 30 years. How much are the approximately annual payments of the loan? Hint: Assume you pay yearly.

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Foundations of Financial Management

ISBN: 978-0077454432

14th edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen

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Question Posted: Apr 12, 2012 06:09 AM

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You have been approved for a $70,000 loan toward the purchase of a new home at 10%

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Computation of the Initial payment and balance after 5 years Given information Loan amount P...View the full answer

Foundations of Financial Management

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