4-30. Will has a 30-year mortgage on a $100,000 loan for his house in Florida. The interest...

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4-30. Will has a 30-year mortgage on a $100,000 loan for his house in Florida. The interest rate on the loan is 6% per year (nominal interest), payable monthly at 0.5% per month. (4.7)

a. What is Will’s monthly payment?

b. If Will doubles his payment from Part (a), when will the loan be completely repaid?

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Engineering Economy

ISBN: 9780134870069

17th Edition

Authors: William Sullivan, Elin Wicks, C Koelling

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Question Posted: Oct 26, 2024 01:00 PM

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4-30. Will has a 30-year mortgage on a $100,000 loan for his house in Florida. The interest...

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Engineering Economy

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