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Mortgage from the bank

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Reference no: EM131253030

Brody has just bought a boat by taking an unconventional 18 year, $138,500 mortgage from the bank. The interest rate is 3.68%. The mortgage is to be paid off by payments made every year starting one year from today. How much does Bob have to pay every year to repay the mortgage?

  • $10,657.93
  • $10,279.64
  • $877.79
  • $7,694.44

Reference no: EM131253030

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