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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? 3.67 years

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? 3.67 years

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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plz solve only b part 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? 15095.22 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? 3.62 years
Transcribed Image Text: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 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? 3.62 years
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