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4. A partially amortizing mortgage is made for $80,000 for a term of 10 years. The borrower and lender agree that a balance of
4. A partially amortizing mortgage is made for $80,000 for a term of 10 years. The borrower and lender agree that a balance of $30,000 will remain and be repaid as a lump sum at that time (at the end of year 10). Interest rate is %12. Monthly payments are made, what will be the monthly payments? 80000=x*(PVIFA1%,120)+30000* (PVIF 1%,120)
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Introduction to Finance Markets Investments and Financial Management
Authors: Melicher Ronald, Norton Edgar
15th edition
9781118800720, 1118492676, 1118800729, 978-1118492673
