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4-1. You want to take out a mortgage on a house worth $50,000, and pay it...

4-1. You want to take out a mortgage on a house worth $50,000, and pay it back in 10 years. Since your credit rating is very poor, the bank charges you simple interest at the rate of 2% per month. How much will you owe after 1 year? How much is the interest? (4.2)
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Answer #1

Sal? Payback period = Original or initial (884 Cash Inflow Carth Inglow = $5,000 = $5000 Igel. P= $50,000, l= 24. per month.

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