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Bill Preston purchased a new home for $80,000. He paid $25,000 upfront and agreed to pay the rest…

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Bill Preston purchased a new home for $80,000. He paid $25,000 upfront and agreed to pay the rest… 1 answer below » Bill Preston purchased a new home for $80,000. He paid $25,000 upfront and agreed to pay the rest over the next 15 years in 15 equal annual payments that include principal payments plus 8% compound interest on the unpaid balance. 1. Bill Preston purchased a new home for $80,000 and paid $25,000 upfront. How much does he need to borrow to purchase the house? 2. If Bill agrees to pay the loan over the next 1 years in 15 equal end of year payemnts plus 8% compound interest on the unpaid balance, what will these equal payments be? Jul 30 2015 10:10 AM



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