What is the effective annual rate on your mortgage

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Reference no: EM132003567

1. Your mortgage statement says that your loan is at 7.02 percent APR, with monthly payments. What is the effective annual rate on your mortgage (i.e., taking into account the monthly compounding)? Enter answer in percents, accurate to two decimal places.

2. Today you deposit $8 thousand into an account paying 7% APR compounded daily. How much money will you have in the account 10 years from now?

Reference no: EM132003567

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