Question: You purchase a town house for 140 000 After a down

You purchase a town house for $140,000. After a down payment of $30,000, you obtain a mortgage loan at 9 percent that requires annual payments for 15 years.
a. What are the annual payments?
b. How much of the first payment goes to pay the interest?
c. What is the remaining mortgage balance after the first payment is made?

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  • CreatedMarch 19, 2015
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