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Problem 1: (3 points) A family is looking for mortgages for their home. Option A is a fixed rate of 6.5% per year compounded monthly,

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Problem 1: (3 points) A family is looking for mortgages for their home. Option A is a fixed rate of 6.5% per year compounded monthly, and option B is a fixed rate of 6.6% per year compounded quarterly. Find which loan the family should take by comparing effective rates of interest

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