(6)Mr. Green wishes to purchase a house that costs$400,000.His bank requires a25 percent down paymentand will lend him the remainder, at an annual rate of6 percent, to be paid back over a30-year periodinmonthly installments.What are Mr. Green's monthly mortgage payments?

(7) If, after depositing$1,000into a banktoday, you discover that your balance is$2,000ten years from today (at the end of year 10).What is your annual effective rate of interest,r_eff, over this 10-year period?