Question: If you could pay for your mortgage forever, how much would you have to pay per month for a $1,000,000 mortgage, at a 6.5% annual

If you could pay for your mortgage forever, how much would you have to pay per month for a $1,000,000 mortgage, at a 6.5% annual interest rate? Work out the answer:

(a) If the 6.5% is an APR and

(b) If the 6.5% is an effective annual rate of return.

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