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What is your annual payment

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Question - Let's assume that you buy a $500,000 house.

You decide to make 25% down payment and finance the rest.

You get 15-year mortgage at 3.5% APR and you will make 15 annual payments to pay off the loan. (Tip. An amortization schedule may help you answer this question.)

Required -

(1) What is your annual payment?

(2) What is the ending balance of 4th year?

Reference no: EM132715702

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