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You buy a house for $ 3 1 0 0 0 0 , and take out a 3 0 - year mortgage at 6 .
You buy a house for $ and take out a year mortgage at 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 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
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