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Question: You just bought a house and have taken out a 20-year $150,000 mortgage to be paid monthly over the life of the loan. You negotiated for a 9% APR on the mortgage.

What is the APY that is equivalent to this 9% APR?

What is your monthly mortgage payment?

To bring down your monthly payments, the lender has agreed to extend you a 30-year mortgage, but the APR must then be 10%. What is your new monthly payment?

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