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Monthly payments on the respective mortgages

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You decide to buy a home for $100,000. You approach two banks for financing. Bank 1 requires a 10 percent down payment and requires monthly payments on a 20-year mortgage sufficient to earn it an effective annual return of 12 percent. Bank 2 also needs a 10 percent down payment and also has a 20-year mortgage but quotes a 12 percent annual rate, which is compounded monthly. What are the monthly payments on the respective mortgages?

Reference no: EM132758436

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