plz solve it within 30-40 mins I'll upvote your answer 22. Mr. and Mrs. Ramirez have 4 children and have decided that they need a bigger house. They intend to upgrade their current residence and will spend$289, 000. If their loan has an annual interest rate of 6% for 25 years, what will their payment and the total cost of their loan be?TERMSIN YEARS7%TERMSIN YEARS6%7%8%9%1011,1011,2311.3511.4811.6211,7511.8812.0112,1412.2712.4012.6710158.448.578.718.858.999.139.289.429.569.719.8510.1515207.167.317.467.607.767.918.068.218.378.538.689.0020256.446.606.756.917.077.237.397.567.727.898.068.4025306.006.166.326.496.656.837.0007.177.347.527.698.0530$1,907.40; $572, 220O $1, 734.22; $520, 200$1, 861.16; $46, 528$1, 861.16; $558, 348

Interest Rate- The interest rate is the sum a lender charges a borrower and is a proportion of the…

Answered: 22. Mr. and Mrs. Ramirez have 4…

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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