Question
A 30year mortgage loan of $400,000 is made for a 100 acre farm in BlackHawk County at an interest rate of 5%. Constant payments are
A 30year mortgage loan of $400,000 is made for a 100 acre farm in BlackHawk County at an interest rate of 5%. Constant payments are to be made monthly. If the loan is to be repaid over 30 years and the investor makes monthly payments of $1600 towards the loan, what is the residual balance at the end of 30 years on this loan? (State your answer rounded to 2 decimals)
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Risk Management And Financial Institutions
Authors: John C. Hull
3rd Edition
1118269039, 9781118269039
