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please show the formula used and go over step by step John has taken out a home mortgage for $ 210,000. Payments will be made
please show the formula used and go over step by step
John has taken out a home mortgage for $ 210,000. Payments will be made at the end of each month for 30 years. The interest rate is 4.6% compounded semiannually a) Find the equivalent monthly interest rate. Express your result to 5 places after the decimal (Ex: 0.12345) Set up the mathematical equation using the numbers from the problem which you would solve to find the equivalent monthly rate and solve the equation for the monthly rate. Express your answer to five places after the decimal point (0.12345). 3 b) Find the size of the monthly payment Step by Step Solution
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