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3. You are considering buying a new house, and have found that a $100,000,15-year...

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Accounting

3. You are considering buying a new house, and have found that a $100,000,15-year fixed-rate mortgage is available with an annual interest rate of 7 percent. This mortgage requires 15, equal and fixed, annual payments. Compute the annual payments (use the appendix to chapter 4, pages 99-100).

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