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11 April, 00:55

Chin Woo bought a home for $160,000. He put down 20 percent. The mortgage is at 8 1/2 % for 25 years. By using the table in the handbook, his yearly payments are:

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  1. 11 April, 02:13
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    Down payment

    160,000*0.20=32,000

    128000=X[ ((1 - (1+0.085) ^ (-25)) / 0.085]

    Solve for x

    X=12507.10
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