Question
Amortize a 30-year, $120,000 loan with end-of-month payments. The APR is 12%. Which of the following statements is (are) correct? a) The monthly payment is
Amortize a 30-year, $120,000 loan with end-of-month payments. The APR is 12%. Which of the following statements is (are) correct?
a) The monthly payment is $1,222.11
b) The ending balance of the loan after 12 payments (one year) is $119,564.54
c) The total interest paid after six payments is $4,976.53
d) The APY on the loan is 12.68%
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Finance Theory And Practice
Authors: Anne Marie Ward
2nd Edition
1907214259, 978-1907214257
