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1. Suppose a potential home buyer is interested in taking a $500,000 mortgage loan that has a term of 15 years and a fixed mortgage rate of 3.25%. What is the monthly mortgage payment that the homeowner would need to make if this loan is fully amortizing. Show all work.

2. Gina puts $ 6500 into an account earning 9% interest compounded continuously. How long will it take for the amount in the account to grow to $ 8450?

Time in years =

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Financial Management, Finance

Category:- Financial Management
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