A realtor sold a house on 31 August 2016 for $150,000 with a 20 %...
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A realtor sold a house on 31 August 2016 for $150,000 with a 20 % down payment. The buyer took a 15-year loan on the property with an effective interest rate of 8 % per annum. The buyer intends to pay off the loan owed in yearly payments starting on 31 August 2017. (a) How much of the loan will still be owed after the payment due on 31 August 2019 has been made? 4-35 (b) Solve the same problem by separating the interest and the principal amounts
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