What had been the compound interest rate

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1. Suzan is considering buying a home for $386,000. If she makes a down payment of $56,000 and takes out a mortgage on the rest of the money at 6.44% compounded monthly for 13 years. What will be the interest for her 117th payment? (Assume she makes monthly payments).

2. You invested $500 and received $650 after three years. What had been the compound interest rate?

3. Ms. Manifee would like to purchase a new condo for $90,000. She plans to make a down payment of $47,000 and to borrow the rest of the money from the bank. The bank charges an annual percentage rate of 6% compounded daily. She agrees to monthly payments to pay off the loan in 19 years. What is her monthly payment?

Reference no: EM131837502

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