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Please use finance formulas and explain any rearranging, thank you -. Mrs. Jones, a widow, realizes she does not have enough money for her retiremen
Please use finance formulas and explain any rearranging, thank you
-. Mrs. Jones, a widow, realizes she does not have enough money for her retiremen however, her home is mortgage free. In order to make ends meet, she decides to take out a reverse mortgage on her home that will pay her for 20 years at an annual interest rate of 7%. (a) How much will she receive each month if she agrees to give up her home after the 20 years, assuming the predicted future value of the home at the end of the term is $250,000? (b) How much money (total cash in hand) will she receive in total for her home Step by Step Solution
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