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How much did jack and jill borrow

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Reference no: EM132941553

Problem 1: Jack and Jill took out a home loan to purchase their new home. They must make annual repayments of $20,081.82 for the next 20 years at a compounding annual interest rate of 12%. How much did Jack and Jill borrow?

Select one:

a. $353,440.03
b. $150,000
c. $141,500
d. $401,636.40

Reference no: EM132941553

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