What is the amount of equal annual repayment, Financial Accounting

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What is the amount of equal annual repayment

Problem

You have just bought a house for $525,000. You made a $25,000 deposit and the rest you borrowed from the bank. Today you take out a 30 year $500,000 loan at an interest rate of 6 per cent. Payments are made annually. What is the amount of equal annual repayment? Given these annual repayments, what is your outstanding balance after 4 years of paying the loan?

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Financial Accounting: What is the amount of equal annual repayment

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Financial Accounting: What is the amount of equal annual repayment

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