5.4 Annuity Payments The Federal Reserve Bank of St. Louis has files listing historical interest rates on its website w

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5.4 Annuity Payments The Federal Reserve Bank of
St. Louis has files listing historical interest rates on its
website www.stlouisfed.org. Find the link for “FRED®” (Federal
Reserve Economic Data). You will find a listing for the Bank Prime
Loan Rate. The file lists the monthly prime rates since January
1949 (1949.01). What is the most recent prime rate? What is the
highest prime rate over this period? If you buy a house for
$150,000 at the current prime rate on a 30-year mortgage with
monthly payments, how much are your payments? If you had purchased
the house at the same price when the prime rate was at its highest,
what would your monthly payments have been?