# Suppose you purchased a house and took a 30-year mortgage. The mortgage is unusual: you pay yearly,

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## Question:

Suppose you purchased a house and took a 30-year mortgage. The mortgage is unusual: you pay yearly, not monthly. The yearly payment is $17,000 and the interest rate is 4.2%. What is the amount of mortgage you took?

**Related Book For**

## Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill