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You are looking for a 30 year home mortgage for the amount o

Paper help Economics You are looking for a 30 year home mortgage for the amount o

Economics

You are looking for a 30 year home mortgage for the amount o

You are looking for a 30 year home mortgage for the amount of $150,000. You cannot afford the init… Show more You are looking for a 30 year home mortgage for the amount of $150,000. You cannot afford the initial payments and instead want to use a geometrically increasing loan. You believe that you will receive a 5% raise per year and want the payments to reflect this increase. If the interest rate is 8% compounded monthly, what are your first and last payments? • Show less

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