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RoseWind [281]
3 years ago
9

You have just applied for a 30year 100000 mortgage at a rate of 10%.what must be annual payment be?​

Business
1 answer:
Fittoniya [83]3 years ago
7 0

Answer:

The correct answer is "$10,607.92".

Explanation:

Given:

Amount borrowed,

P = 100000

Interest rate,

r = 10%

or,

 = 0.1

Time,

= 30 years

Now,

The annual payment will be:

⇒ A=P\times \frac{r(1+r)^n}{(1+r)^n-1}

       =100000\times \frac{0.1(1+0.1)^{30}}{(1+0.1)^{30}-1}

       =10,607.92 ($)

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