Question
A bank recently loaned you $750,000 to buy a house. The loan is for 30 years and is fully amortized. The nominal rate on the
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A bank recently loaned you $750,000 to buy a house. The loan is for 30 years and is fully amortized. The nominal rate on the loan is 3.5%, and payments are made at the end of each month. What will be the remaining balance on the loan after you make the 130th payment?
a. $548,125.07 b. $578,363.22 c. $545,890.73 d. $548,532.38 e. $563,738.89
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Investments An Introduction
Authors: Herbert B Mayo
11th Edition
1133936520, 9781133936527
