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Please write legibly and explain the steps :) I'm making errors in my calculations and I want to see where I'm going wrong You buy
Please write legibly and explain the steps :) I'm making errors in my calculations and I want to see where I'm going wrong
You buy a house for $230000, and take out a 30 -year mortgage at 5.5% interest. For simplicity, assume that interest compounds continuously. A) What will be your annual mortgage payment? per year B) Suppose that regular raises at your job allow you to increase your annual payment by 3% each year. For simplicity, assume this is a nominal rate, and your payment amount increases continuously. How long will it take to pay off the mortgage? yearsStep by Step Solution
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