plz both parts within 30 40 mins I'll give you multiple upvote You buy a house for $210000, 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?15095.22per yearB) Suppose that regular raises at your job allow you to increase your annual payment by 7% each year. Forsimplicity, assume this is a nominal rate, and your payment amount increases continuously. How long will ittake to pay off the mortgage?3.62years

Please post B part separately. Answer A is step 1

You buy a house for $210000, 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? 15095.22 O per year B) Suppose that regular raises at your job allow you to increase your annual payment by 7% 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? 3.63 years

You buy a house for $210000, 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? 15095.22 O per year B) Suppose that regular raises at your job allow you to increase your annual payment by 7% 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? 3.63 years

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter6: Saving And Investing

Section6.1: Why Save?

Problem 6R

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