Financing and accounting-annual payments
Problem: John Doeber borrowed $125,000 to buy a house. His loan cost was 11% and he promised o repay the loan in 15 equal annual payments.
How much are the annual payments?
A) $3,633 B)
$9,250
C) $13,113
D) $17,383
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John Doeber borrowed $125,000 to buy a house. His loan cost was 11% and he promised o repay the loan in 15 equal annual payments.
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