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How much did they borrow

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Question - Jack and Jill purchase a house on top of a hill, borrowing from the First Crown Bank. They are making annual repayments of $20,081.82 for 20 years. The interest rate is 12% compounding annually. How much did they borrow?

a. $150,000

b. $170,000

c. $130,000

d. $401,636.40

Reference no: EM133056728

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