1. Suppose a potential home buyer is interested in taking a $500,000 mortgage loan that has a term of 15 years and a fixed mortgage rate of 3.25%. What is the monthly mortgage payment that the homeowner would need to make if this loan is fully amortizing. Show all work.
2. Gina puts $ 6500 into an account earning 9% interest compounded continuously. How long will it take for the amount in the account to grow to $ 8450?
Time in years =