How much would you have to pay per month

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Reference no: EM131234151

If you could pay for your mortgage forever, how much would you have to pay per month for a $1,000,000 mortgage, at a 6.5% annual interest rate? Work out the answer

(a) if the 6.5% is a bank APR quote and

(b) if the 6.5% is a true effective annual rate of return.

Reference no: EM131234151

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