Question
1. How much interest will you pay in the 12th year of a $85,000, 5.5%, 25 year mortgage, assuming monthly compounding? P/YR = 12 Get
1.How much interest will you pay in the 12th year of a $85,000, 5.5%, 25 year mortgage, assuming monthly compounding? P/YR = 12
Get PMT first.
P/YR = 12
PV=-85,000, I/YR=5.5, N=25*12=300, PMT = ?
133 INPUT (144-12*1+1=133; 12*11=132 marks the end of 11th year, 133 marks the first payment of 12th year).
144 AMORT (12*12)
a. 3,062.219
b. 3,198.201
c. 3,014.225
d. 3,284.047
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Contemporary Financial Management
Authors: R. Charles Moyer, James R. McGuigan, Ramesh P. Rao
14th edition
1337090581, 978-1337090582
