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Which of the following statements is correct? A 15-year mortgage will have larger monthly payments than a 30-year mortgage. The first, second, and third statements

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Which of the following statements is correct? A 15-year mortgage will have larger monthly payments than a 30-year mortgage. The first, second, and third statements above are correct. The present value of a $500 perpetuity is greater if the interest rate is higher. If an account earns 3 percent per year compounded annually, then it also has an effective annual rate (EAR) of 3 percent. Only the first and second, statements above are correct

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