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Can someone help me with this question. Suppose you borrow $1million to purchase a house. The bank offers you the fixed borrowing rate 4% APR
Can someone help me with this question.
Suppose you borrow $1million to purchase a house. The bank offers you the fixed borrowing rate 4% APR compounded semi-annually for a 5-year term. You decide on making semi-monthly payments (every half-month) with an amortization period of 30 years. How much do you still owe at the end of the 5-year term (within $250)?
911,670
912,170
912,670
913,170
None of the above
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