Question
A $80,000 mortgage loan is made at a 12 percent (nominal) rate of interest for 30 years. What is the constant monthly mortgage payment on
A $80,000 mortgage loan is made at a 12 percent (nominal) rate of interest for 30 years. What is
the constant monthly mortgage payment on this loan, assuming it is to be fully amortized at the
end of 30 years? Determine the loan balance at the end of 10 years and construct a one year
amortization schedule
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Business Mathematics In Canada
Authors: Ernest Jerome
7th edition
978-0071091411, 71091416, 978-0070009899
