Question
A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $83,000.00 for 27 years at 5.5% compounded monthly,
A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $83,000.00 for 27 years at 5.5% compounded monthly, and will make monthly payments of $492.30. (Round all answers to 2 decimal places.) What is the unpaid balance after 11 months? $ During this time period, how much interest did she pay?
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Finance Operations
Authors: Charles Finley
1st Edition
1491292423, 978-1491292426
