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Question

You purchase a house for $250,000 directly from the buyer who owns the home outright. You pay a 20 percent down payment. You sign a first mortgage, and the buyer agrees to finance the remaining$200,000 at 7 percent annual compound interest with annual end-of-year payments over 12 years. How much is a single yearly payment?

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Answered 1 year ago

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1 of 4The problem is asking for the amount of 12 annual payments for the remaining balance of $\$200,000$.

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