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Stacy bought a house with a mortgage of $305,700. The mortgage is being financed with an interest rate of 5.48% compounded monthly. Stacy will make
Stacy bought a house with a mortgage of $305,700. The mortgage is being financed with an interest rate of 5.48% compounded monthly. Stacy will make payments of $2,628. (a) How many payments will Stacy have to make to repay the mortgage? ____________ payment(s) (b) How long, in months, will it take Stacy to pay off the mortgage? (Hint: In an annuity due, payments are made at the beginning of each period.) _____________ month(s)
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