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## Homework Statement

A mortgage is taken out for £80,000. It is to be paid by annual instalments of 5000with the first payment being made at the end of the first year that the mortgage was taken out. Interest of 4% is then charged on any outstanding debt. Find the total time taken to pay off the mortgage.

## Homework Equations

Sn=a(r^n-1)/r-1

## The Attempt at a Solution

I have no idea here can someone please point me in the right direction, thanks!