Question
A couple just missed two payments on their $500,000 mortgage due to Covid-19. They worked it out with the bank, and they will now pay
A couple just missed two payments on their $500,000 mortgage due to Covid-19. They worked it out with the bank, and they will now pay a level monthly payment of $2950 at the end of each month for the remaining 20 years. If their annual interest rate for the remaining time has been set to i(12)=6%, what is the outstanding balance right now?
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert Hughes
4th Edition
0256147175, 978-0256147179
