Question
A couple has just purchased a home for $333,300.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has
A couple has just purchased a home for $333,300.00. They will pay 20% down in cash, and finance the remaining balance. The mortgage broker has gotten them a mortgage rate of 4.80% APR with monthly compounding. The mortgage has a term of 30 years.
What is the size of the loan taken out by the couple?
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Mathematics Of Finance
Authors: Petr Zima, Robert L. Brown
5th Edition
0070871353, 978-0070871359
