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6. Suppose you save $20 a month for 40 years. If you are able to earn 12% per year on your savings, how much will

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6. Suppose you save $20 a month for 40 years. If you are able to earn 12% per year on your savings, how much will you have accumulated by the end of the 40 years? Assume monthly compounding. (5 points) 7. Suppose you borrow $300,000 to buy a house. If your monthly payments on the 15-year mortgage are $2,372.38, what interest rate are you paying? State your answer as an APR. (5 points)

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