Question
A student wants to buy a house that worth $240,000. This student put done $40,000 down payment and borrow the rest from a bank with
A student wants to buy a house that worth $240,000. This student put done $40,000 down payment and borrow the rest from a bank with interest rate 3.5% per year for 15 years compounded monthly. What is the monthly payment to the bank? How much interest the student will pay to the bank in 15 years?
Correct answer is for monthly payment is $1427.41
Correct answer for interest is $57,357.71.
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Financial Modeling
Authors: Simon Benninga, Tal Mofkadi
5th Edition
0262046423, 9780253337825
