# Math

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A man bought a house for 76,000. he made a down payment of 26,000 and agreed to pay 2,500 each year with a interest of 14% on an unpaid balance. His payment at the end of the second year was?

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Are you saying his annual payment is \$2500 + the interest?

If so, then ...

Balance now = \$50,000
interest at end of 1st year = \$7000
payment = 2500 + 7000 = \$9500
Balance at end of 1st year = \$47,500

interest at end of 2nd year = \$6,650
payment at end of 2nd year = 2500 + 6650 = \$9150

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