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# Finance questions

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4. You have found three investment choices for a one year deposit: 10% APR compound monthly, 10% APR compounded annually, and 9% APR compounded daily. Compute the EAR for each investment choice. (Assume there are 365 days in the year).

10. Oppenheimer Bank is offering a 30-year mortgage with an EAR of 5 3/8%,. If you plan to borrow \$150,000, what will your monthly payment be?

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#### Solution Preview

4. You have found three investment choices for a one year deposit: 10% APR compound monthly, 10% APR compounded annually, and 9% APR compounded daily. Compute the EAR for each investment choice. (Assume there are 365 days in the year).

EAR = (1+ ...

#### Solution Summary

The solution explains how to calculate the effective annual rate and monthly mortgage payments

\$2.19