Question
A monthly amortizing, $100,000 fixed-rate loan amortizes fully in 30 years and has a contract rate of 6%. Total initial friction costs equal $ 6,000.
A monthly amortizing, $100,000 fixed-rate loan amortizes fully in 30 years and has a contract rate of 6%. Total initial friction costs equal $ 6,000. If the loan is pre-paid after 4 years, the loan balance is?
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Practical Financial Management
Authors: William R. Lasher
8th edition
1305637542, 978-1305887237, 1305887239, 978-1305637542
