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2. (Mortgage)A bank is offering you a loan of $1,000,000 for 30 years. The stated (nominal) interest rate is 9% per year. The loan will

2. (Mortgage)A bank is offering you a loan of $1,000,000 for 30 years. The stated (nominal) interest rate is 9% per year. The loan will be repaid with equal monthly payments.

a.How much is the monthly payment?

b.After 15 years, how many payments are left? What will be the loan balance after 15 years?

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