You want to borrow $79,672.61. Your bank offers an amortized loan with annual, end-of year payments over a 25 year term. The bank charges an interest rate of 4%. What are the annual loan payments?
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You want to borrow $79,672.61, the loan term is 25 years, and the interest rate is 4% per annum. The payments are annual and made at the end of each year. Show more…
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