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Determine the amount of the annual payment

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On February 1st Determine the amount of the annual payment. Riley bought a house for $800,000. He paid $200,000 in cash at the time of the purchase and agreed to pay the balance in four equal annual installments that include both the principal and 6% interest on the declining balance.

  1. Determine the total dollars of interest that Riley will pay for this loan.
  2. Determine the amount of interest that is included in the first payment. Not necessary to include amortization schedule.

Reference no: EM132796957

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