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1- A bank has offered you a $500,000 mortgage at a quoted rate of 4%. The mortgage calls for monthly payments based on a 20-year

A bank has offered you a $500,000 mortgage at a quoted rate of 4%. The mortgage calls for monthly payments based on a 20-year amortization period. What discount rate would you use to find the amount of your monthly payments?

2- If a bank charges an interest rate of 2.75% per quarter, what interest rate must the bank quote on this lending arrangement?

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