You just borrowed $250,000 to purchase a new house. The nominal interest rate is 6% p.a., compounded
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You just borrowed $250,000 to purchase a new house. The nominal interest rate is 6% p.a., compounded monthly, and the monthly payment is $1612 for the loan. What is the duration of the loan?
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Where PV Present Value the loan amount in this case 250000 PMT Monthly Payment 1612 r Monthly Intere...View the full answer
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Related Book For
Analysis Synthesis And Design Of Chemical Processes
ISBN: 9780134177403
5th Edition
Authors: Richard Turton, Joseph Shaeiwitz, Debangsu Bhattacharyya, Wallace Whiting
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