You are thinking of purchasing a house. The house costs $300,000. You have $43,000 in cash that you can use as a down payment on the house, but you need to borrow the rest of the purchase price. The bank is offering a 30 -year mortgage that requires annual payments and has an interest rate of 9% per year. What will be your annual payment if you sign this mortgage?

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To calculate the annual payment for a 30year mortgage with an interest rat... View the full answer