Write an equation that defines what the payment is

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Suppose you take out a 30-year mortgage of $100,000 with a fixed interest rate of 5 percent. You must make 360 equal monthly payments. Write an equation that defines what the payment is.

Reference no: EM131220998

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Write an equation that defines what the payment is : Suppose you take out a 30-year mortgage of $100,000 with a fixed interest rate of 5 percent. You must make 360 equal monthly payments. - Write an equation that defines what the payment is.

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