Will has a 34-year mortgage on a $130,000 loan for his house in Florida. The interest rate

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Will has a 34-year mortgage on a $130,000 loan for his house in Florida. The interest rate on the loan is 4.8% per year (nominal interest), payable monthly at 0.4% per month.

a. What is Will's monthly payment?

b. If Will doubles his payment from Part (a), when will the loan be completely repaid?

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Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Posted Date: Mar 15, 2023 01:46 AM

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Will has a 34-year mortgage on a $130,000 loan for his house in Florida. The interest rate

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