Determine the outstanding principal balance on the loan in Problem 11 after 120 payments have been made.
Question:
In Problem 11, determine the monthly payment for a thirty-year real estate loan with an annual percentage rate of 8.5% and an initial principal of $200,000. How much interest is paid over the life of the loan?
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Using Eq 1613 to find the value of t...View the full answer
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Related Book For 
Construction accounting and financial management
ISBN: 978-0135017111
2nd Edition
Authors: Steven j. Peterson
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