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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).