Initial principal will be repaid

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Assume mortgage payments of $1000 per month for 30 years and an interest rate of 1% per month. What initial principal will these figures repay? (That is, find the PW.) If annual payments of $12,000 are assumed with an interest rate of 12.68% per year, what initial principal will be repaid? Why do these differ?

Reference no: EM131807338

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