John takes out a loan of $150,000 to buy a house. He is offered a 15year...
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John takes out a loan of $150,000 to buy a house. He is offered a 15year loan by the bank, at an interest rate of 5% per year. That is, John must pay for the house with 15 equal annual installments, with an interest rate of 5%. What is the annual loan payment John must make?
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