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You buy a house for $$220000,$ and take out a $30-$year mortgage at $5\mathrm{.}5\%$ 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 $6\%$ 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?

years