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# When you purchased your house, you took out a 30-year annual-payment mortgage with an interest rate of 7% per year. The annual payment on the...

When you purchased your house, you took out a 30-year annual-payment mortgage with an interest rate of 7% per year. The annual payment on the mortgage is 16,803. You have just made a payment and have now decided to pay the mortgage off by repaying the outstanding balance.