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A house is purchased with $500,000 as a down payment, and payments of $15,000 are made at the end of each month for 15
A house is purchased with $500,000 as a down payment, and payments of $15,000 are made at the end of each month for 15 years. The interest rate is 6% compounded semi-annually. What is the cash value (PV) of the house? Hint: Don't forget to add the down payment to arrive at your final answer. (Round your final answer to 2 decimals).
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Investment Analysis and Portfolio Management
Authors: Frank K. Reilly, Keith C. Brown
10th Edition
538482109, 1133711774, 538482389, 9780538482103, 9781133711773, 978-0538482387
