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A down payment of 25% is made towards the purchase of a $360,000 house and took out a loan for the rest at 2.4% compounded
A down payment of 25% is made towards the purchase of a $360,000 house and took out a loan for the rest at 2.4% compounded semi-annually for a 30-year amortization period, and monthly payments. By how much will the amortization period be shortened if the borrower makes a $15,000 prepayment at the end of 3 years.
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Mathematical Applications for the Management Life and Social Sciences
Authors: Ronald J. Harshbarger, James J. Reynolds
11th edition
9781337032247, 9781305465183, 1305108043, 1337032247, 1305465180, 978-1305108042
