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A borrower has a 30-year CPM fully amortized loan for $500,000 with an interest rate of 6% and monthly payments (use 2 decimal places in
A borrower has a 30-year CPM fully amortized loan for $500,000 with an interest rate of 6% and monthly payments (use 2 decimal places in your answers)
- What is her monthly payment?
- How much interest does she pay in 1st month?
- How much of the principal does she pay in the 1st month?
- How much interest does she pay in 2nd month?
- If she wants to pay off the loan after 5 years, what would be the outstanding balance on the loan?
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Public Finance A Contemporary Application of Theory to Policy
Authors: David N Hyman
11th edition
9781305474253, 1285173953, 1305474252, 978-1285173955
