Question
Barb bought a house with 20% down and the rest financed by a 30-year mortgage with monthly payments calculated at a nominal annual rate of
Barb bought a house with 20% down and the rest financed by a 30-year mortgage with monthly payments calculated at a nominal annual rate of interest 8.4% compounded monthly.
She notices that one-third of the way through the mortgage she will still owe 200,000.
Determine the purchase price of the house.
- 252,706
- 262,706
- 272,806
- 282,706
- 292,706
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Principles of Managerial Finance
Authors: Chad J. Zutter, Scott B. Smart
15th edition
013447631X, 134476315, 9780134478197 , 978-0134476315
