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ii. Frank Lewis has a 30-year, $100,000 mortgage with a nominal interest rate of 10 percent and monthly compounding. Which of
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Answer #1

The correct statements are b and c

Hence, the answer is e.

Mortgage payments calls for a fixed payment per month

Since the outstanding principal decreases over time, the interest cost declines with each payment and principal repayment portion increases

Hence, b and c are correct

a is false

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