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Compute the cash surrender value of a buyer of a residential house and lot under...

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Accounting

Compute the cash surrender value of a buyer of a residential house and lot under the following terms: Selling price is 5,000,000, down payment is 500,000, balance payable in equal monthly installments of 20,000, 85 monthly installments have already been paid before default. Explain how you arrived at your answer.

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