Question
A bank offers you a 10 years loan of $100,000 at 2.5%. You can either (1) pay the full installments monthly or (2) pay half
A bank offers you a 10 years loan of $100,000 at 2.5%. You can either (1) pay the full installments monthly or (2) pay half of the monthly installments and make a one-time balloon payment at the end of the loan to make up for the rest.
How much will your monthly installments be for (1) [to the nearest cent] and How much will your balloon payment be for (2) [to the nearest cent]?
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Basic Finance An Introduction To Financial Institutions Investments And Management
Authors: Herbert B. Mayo, Michael J Lavelle
13th Edition
0357714741, 978-0357714744
