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You have a 30-year mortgage of $400,000 with an annual payment of $20,000. The formula relating mortgage amount M, annual payment A, number of years
You have a 30-year mortgage of $400,000 with an annual payment of $20,000. The formula relating mortgage amount M, annual payment A, number of years n, and interest rate i is given by: i(1+i)" A = M (1+i)" - 1 Use bisection, secant, or N-R method to determine (justify your choice) to determine the interest rate (%) that you are currently paying (accurate to four significant digits). You have a 30-year mortgage of $400,000 with an annual payment of $20,000. The formula relating mortgage amount M, annual payment A, number of years n, and interest rate i is given by: i(1+i)" A = M (1+i)" - 1 Use bisection, secant, or N-R method to determine (justify your choice) to determine the interest rate (%) that you are currently paying (accurate to four significant digits)
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