Question
A couple just missed two payments on their $500,000$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$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$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 (12)=6%i(12)=6%, what is the outstanding balance right now?
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Corporate Finance Reader
Authors: Robert W. Kolb
2nd Edition
1878975536, 978-1878975539
