Question
A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $78,000.00 for 30 years at 5.4% compounded monthly,
A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $78,000.00 for 30 years at 5.4% compounded monthly, and will make monthly payments of $437.99. If needed, round to 2 decimal places. a) What is the unpaid balance after 14 months? $Correct b) During this time period, how much interest did she pay?
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Numerical Analysis
Authors: Richard L. Burden, J. Douglas Faires
9th edition
538733519, 978-1133169338, 1133169333, 978-0538733519
