Question
Averie has a mortgage of $514,000 through her bank for property purchased. The loan is repaid by end of month payments of $4,121.13 with an
Averie has a mortgage of $514,000 through her bank for property purchased. The loan is repaid by end of month payments of $4,121.13 with an interest rate of 5.21% compounded monthly over 15 years. What is the interest included in the 50th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places.
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Financial Markets And Institutions
Authors: Anthony Saunders, Marcia Cornett
5th Edition
0078034663, 978-0078034664
