18. Rusty Nail owns his house free and clear, and it's worth $400,000. To finance his retirement,...
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18. Rusty Nail owns his house free and clear, and it's worth $400,000. To finance his retirement, he acquires a reverse annuity mortgage (RAM) from his bank. The RAM provides a fixed monthly pay- ment over 15 years on 70% of the value of his home at 5%. The payments are made at the beginning of the month. How much does Rusty get each month?
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Related Book For 
Financial Markets and Institutions
ISBN: 978-0321280299
5th edition
Authors: Frederic S. Mishkin, Stanley G. Eakins
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