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Use pv ordinary annuity formula

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You are going to make your mortgage of $20,000 per year at the end of each year for the next 20 years. The bank charges you a constant mortgage rate of 10% compounded annually. You will payoff your mortgage completely when the last payment is made on year 20. What will your mortgage balance be immediately after the fifth payment is made? Says we are supposed to use PV ordinary annuity formula.

Reference no: EM132395219

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