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A couple obtained a $20,000 mortgage loan at an interest rate of 10.5% compounded monthly. (Original principal equals to PV of all payments discounted
A couple obtained a $20,000 mortgage loan at an interest rate of 10.5% compounded monthly. (Original principal equals to PV of all payments discounted at the interest rate on the loan contract) (1) What is the size of the monthly payments to pay off the loan in 10 years? (4) What is the size of the blended monthly payments to reduce the balance to $10,000 after 5 years?
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Contemporary Engineering Economics
Authors: Chan S. Park
5th edition
136118488, 978-8120342095, 8120342097, 978-0136118480
