Question: 8. You are purchasing a house and will get a mortgage loan of $603,118. The mortgage loan will be fully amortized over 16 years, with

8. You are purchasing a house and will get a mortgage loan of $603,118. The mortgage loan will be fully amortized over 16 years, with monthly payments and an annual interest rate of 10.2%. What is the monthly payment?

9. What is the PV of $1,951 received at the end of each of the next 8 years? The discount rate is 6.1%.

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