(i) Suppose you take the 30-year mortgage described in
Problem 39, part (a). How much will you still owe on the mortgage after 15
(ii) You are thinking about buying a piece of art that costs
$30,000. The art dealer is proposing the following deal: He will lend you the
money, and you will repay the loan by making the same payment every two years
for the next 30 years (i.e., a total of 15 payments). If the interest rate is
9% per year, how much will you have to pay every two years?
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