kward1660 kward1660

01-01-2024
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John takes out a loan of $150,000 to buy a house. He is offered a 15-year loan by the bank, at an interest rate of 5% per year. That is, John must pay for the house with 15 equal annual installments, with an interest rate of 5%. What is the annual loan payment John must make?

A. $17.160
B. $17.812
C. $14.451
D.$13,526

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