Question: A 30-year mortgage for $95,000 is issued at a 9% nominal interest rate. (a) What is the monthly payment? (b) How long does it take

A 30-year mortgage for $95,000 is issued at a 9% nominal interest rate.

(a) What is the monthly payment?

(b) How long does it take to pay off the mortgage, if $1000 per month is, paid?

(c) How long does it take to pay off the mortgage, if double payments are made?

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