Question
1.How much interest will you pay in the 12th year of a $120,000, 8.5%, 25 year mortgage, assuming monthly compounding? (Hint: 144-AMORT, you need to
1.How much interest will you pay in the 12th year of a $120,000, 8.5%, 25 year mortgage, assuming monthly compounding? (Hint: 144-AMORT, you need to think about what should be entered for INPUT)
Hint: INPUT = AMORT - # of specified periods + 1
a.7,411.813
b.7,648.124
c.7,911.599
Please provide excel work or TI-83 Plus calculations! Thank you!
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Multinational Business Finance
Authors: David K. Eiteman, Arthur I. Stonehill, Michael H. Moffett
14th edition
133879879, 978-0133879872
