Question
A borrower obtains a partially amortizing constant payment mortgage loan for $75,000 at 12 percent for 2 years. Payments are monthly. After the last constant
A borrower obtains a partially amortizing constant payment mortgage loan for $75,000 at 12 percent for 2 years. Payments are monthly. After the last constant payment, he has to pay $10,000 to payback the remaining loan on maturity date. What will be the amount of remaining balance at the end of the second month? (Answer is rounded) 70020 70684 70156 70305 70817.
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Management Of Islamic Finance
Authors: M. Kabir Hassan, Mamunur Rashid
1st Edition
1787564045, 978-1787564046
