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What proportion of the loan will have been paid off

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Problem 1: Suppose that you and your spouse have recently purchased a house with a loan of $50,000. The terms were 15 percent interest, annual payments of $7,988.07 (principal and interest) for 20 years. Using present value annuity factors, what proportion of the loan will have been paid off after 20 years? 5 years? 8 years? 12 years?

Reference no: EM132908852

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