A homeowner has been offered three alternative mortgage loans to finance the purchase of a $90,000 house.The interest rate on the first alternative is 10 percent for twenty-five years,and the loan requires a 20 percent down payment.The second mortgage loan is also for twenty-five years with an interest rate of 9 percent but requires a down payment of a third of the cost of the house.The third loan also requires a third down but is for 20 years at 8 percent.What are the annual mortgage payments required by each loan?

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The Answer of A homeowner has been offered three alternative mortgage loans to finance the purchase of a $90,000 house.The interest rate on the first alternative is 10 percent for twenty-five years,and the loan requires a 20 percent down payment.The second mortgage loan is also for twenty-five years with an interest rate of 9 percent but requires a down payment of a third of the cost of the house.The third loan also requires a third down but is for 20 years at 8 percent.What are the annual mortgage payments required by each loan?

A Homeowner Has Been Offered Three Alternative Mortgage Loans to Finance