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