Question
a. Suppose you borrow $500,000 to purchase a house. The mortgage requires monthly payments for 30 years, and the loan rate is 6% annual rate,
a. Suppose you borrow $500,000 to purchase a house. The mortgage requires monthly payments for 30 years, and the loan rate is 6% annual rate, compounded monthly. Calculate your monthly payments for this loan.
Part 2.Suppose your bank offers you the option to make weekly payments instead of monthly payments. As before, the loan would be for 30 years, and the loan rate is unchanged at 6% annual rate, compounded monthly. Calculate your weekly payments for this loan.
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Project Financing Asset-Based Financial Engineering
Authors: John D Finnerty
3rd Edition
1118421841, 9781118421840
