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Patriciana bought a house with a mortgage of $ 3 4 6 , 4 0 0 . The mortgage is being financed with an interest
Patriciana bought a house with a mortgage of $ The mortgage is being financed with an interest
rate of compounded monthly. Patriciana will make payments of $
a How many payments will Patriciana have to make to repay the mortgage?
payments
b How long, in months, will it take Patriciana to pay off the mortgage? Hint: In an annuity due, payments
are made at the beginning of each period.
months
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