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A mortgage of 100000 has just been arranged for 25 years at

Question: A mortgage of $100,000 has just been arranged for 25 years at an interest rate of 9.5 percent. It calls for equal payments made at year-end.

(a) What is the size of each payment?

(b) After 10 payments have been made, what will be the outstanding principal?

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Finance Basics: A mortgage of 100000 has just been arranged for 25 years at

Reference No:- TGS02544231

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