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Axl will be borrowing $150,000 today to buy a house, and he will pay it...

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Finance

Axl will be borrowing $150,000 today to buy a house, and he will pay it back with 20 yearly payments starting one year from today. If the effective annual interest rate is 9%, how much will the final payment be if the annual payments are constant?

Select one:

a. $19,500

b. $16,400

c. $19,000

d. $17,200

e. $15,000

Answer & Explanation Solved by verified expert
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