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?
(c) How long does it take to pay off the mortgage, if double payments are made?
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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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