Question
3- A couple just missed two payments on their $$500,000$ mortgage due to Covid-19. They worked it out with the bank, and they will now
3- A couple just missed two payments on their $\$500,000$ mortgage due to Covid-19. They worked it out with the bank, and they will now pay a level monthly payment of $\$2950$ at the end of each month for the remaining 20 years. If their annual interest rate for the remaining time has been set to $i^{(12)}=6\%$, what is the outstanding balance right now?
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Multinational Business Finance
Authors: David K. Eiteman, Arthur I. Stonehill, Michael H. Moffett
14th edition
133879879, 978-0133879872
