Question: ( Loan amortization ) Mr . Bill S . Preston, Esq., purchased a new house for $ 8 0 , 0 0 0 . He

(Loan amortization) Mr. Bill S. Preston, Esq., purchased a new house for $80,000.
He paid $20,000 down and agreed to pay the rest over the next 25 years in 25 equal
end-of-year payments plus 9 percent compound interest on the unpaid balance.
What will these equal payments be?

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