A 30-year mortgage for $95,000 is issued at a 9% nominal interest rate. (a) What is the

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A 30-year mortgage for $95,000 is issued at a 9% nominal interest rate.

(a) What is the monthly payment?

(b) How long does it take to pay off the mortgage, if $1000 per month is, paid?

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Engineering Economics

ISBN: 9780195168075

9th Edition

Authors: Ted G. Feller

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Question Posted: Mar 04, 2010 04:22 AM

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A 30-year mortgage for $95,000 is issued at a 9% nominal interest rate. (a) What is the

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a 75319 b The mortgage would be paid off after the 164 th payme...View the full answer

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