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Samuel bought a house with a mortgage of $ 3 7 9 , 4 0 0 . The mortgage is being financed with an interest
Samuel bought a house with a mortgage of $ The mortgage is being financed with an interest
rate of compounded monthly. Samuel will make payments of $
a How many payments will Samuel have to make to repay the mortgage?
b How long, in months, will it take Samuel to pay off the mortgage? Hint: In an annuity due,
payments are made at the beginning of each period.
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