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You are borrowing 80000 for 25 years at 10 nominal annual

Question: You are borrowing $80,000 for 25 years at 10% nominal annual interest compounded monthly. How much must your monthly payments be if you will completely retire the loan over the 25-year period (i.e., what is the level payment annuity with a present value of $80,000)?

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Finance Basics: You are borrowing 80000 for 25 years at 10 nominal annual

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