The term of the mortgage, On January 1, 2002, you borrow

The term of the mortgage

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Reference no: EM131010526

On January 1, 2002, you borrow $200,000 to buy a house. Your mortgage has an annual percentage rate (A.P.R.) of 7.2% per year (.6% per month), the term of the mortgage is 30 years, and all payments are due at the end of the month. Ignore taxes.

Reference no: EM131010526

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