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What will be your annual mortgage payment

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Reference no: EM132915436

Question - You buy a house for $190000, and take out a 30-year mortgage at 6% interest. For simplicity, assume that interest compounds continuously.

A) What will be your annual mortgage payment?

B) Suppose that regular raises at your job allow you to increase your annual payment by 4% each year. For simplicity, assume this is a nominal rate, and your payment amount increases continuously. How long will it take to pay off the mortgage?

Reference no: EM132915436

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