A mortgage requires you to pay $70,000 at the end of each of the next eight years.
Question:
a. What is the present value of these payments?
b. Calculate for each year the loan balance that remains outstanding, the interest payment on the loan, and the reduction in the loan balance.
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Related Book For 
Principles of Corporate Finance
ISBN: 978-0077404895
10th Edition
Authors: Richard A. Brealey, Stewart C. Myers, Franklin Allen
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