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    Financing & Accounting - Annual Payments

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    John Doeber borrowed $125,000 to buy a house. His loan cost was 11% and he promised o repay the loan in 15 equal annual payments. How much are the annual payments? A) $3,633 B) $9,250 C) $13,113 D) $17,383

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    Solution Preview

    The annual payments are an annuity, the present value of which is ...

    Solution Summary

    The solution explains the calculation of annual payments.

    $2.19

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