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QUESTION

Suppose you want to borrow $ 115000 and you find a bank offering a 20-year loan with an APR of 7 %. Find your regular payments if you pay n=1,12, 26,...

Suppose you want to borrow

​$115000 and you find a bank offering a​ 20-year loan with an APR of 7​%.

a. Find your regular payments if you pay

n=1,12, 26, 52 times a year.

b. Compute the total payout for each of the loans in part​ (a).

c. Compare the total payouts computed in part​ (b).

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