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The problem must be solved using excel Problem (10 pts) 1. A 10-year mortgage for $95,000 is issued at a 6% annual interest rate. (a)

The problem must be solved using excel

Problem

(10 pts)

1. A 10-year mortgage for $95,000 is issued at a 6% annual interest rate.

(a) What is the monthly payment?

(b) How long does it take to pay off the mortgage, if $1500 per month is paid?

(c) What is the monthly payment, if the interest rate is 0.5% per month?

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