IRR= 13.68% 9. Matt and Lindsay borrowed $220,000 at 4% interest using a fixed rate...
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IRR= 13.68% 9. Matt and Lindsay borrowed $220,000 at 4% interest using a fixed rate mortgage with a maturity of 20 years. Answer the following questions about their loan. a. What is the monthly payment necessary to amortize this loan? b. If the loan required annual payments instead of monthly, what would the annual payment be? c. Multiply the answer in part (a) by 12. Why does this amount not equal the answer in part b
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