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Please,help me to slove 6-2 and 6-3 two queations. 6-2 If you have a plan to purchase an $ 8,200,000 house by paying 60% in
Please,help me to slove 6-2 and 6-3 two queations.
6-2 If you have a plan to purchase an $ 8,200,000 house by paying 60% in cash in the first time and borrow the remaining with a 30-year fixed-rate mortgage in monthly payments. The first payment is due at the end of this month. Current mortgage interest rate is quoted at 3%. How C. 1.98. 97751 much will your monthly mortgage payment be? A. 13.829 B. 160.200 C. 98.180 6-3 A client invests $5,000 in a fund for 3 years. The fund pays interest of 4% at the end of cach year. The annual interest payments are withdrawn and reinvested at a stated annual interest rate of 2% compounded quarterly. The value of the investment after 3 years in closest to : A. 6342.87 B. 5612.17 C. 5624.32Step by Step Solution
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