To finance the purchase of her condo, max took a mortgage loan of $225,000 from Truly Bank for an amortization period of 10 years at a quoted interest rate of 6% per year compounded semiannually. a. What is her monthly payment? b. After 4 years of payments how much she still owes to the Bank? c. How much interest did she pay during the 4th year?
To finance the purchase of her condo, max took a mortgage loan of $225,000 from Truly Bank for an amortization period of 10 years at a quoted interest rate of 6% per year compounded semiannually. a. What is her monthly payment? b. After 4 years of payments how much she still owes to the Bank? c. How much interest did she pay during the 4th year?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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To finance the purchase of her condo, max took a mortgage loan of $225,000 from Truly Bank for an amortization period of 10 years at a quoted interest rate of 6% per year compounded semiannually.
a. What is her monthly payment?
b. After 4 years of payments how much she still owes to the Bank?
c. How much interest did she pay during the 4th year?
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