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Consider a fully amortizing mortgage loan in the amount of $1,000,000 at 6.00$ for a term of 30 years. What is the periodic payment
Consider a fully amortizing mortgage loan in the amount of $1,000,000 at 6.00$ for a term of 30 years. What is the periodic payment if the loan payments are made: 1a. Annually? 1b. Quarterly? 1c. Monthly? 1d. Weekly? 2. How much total interest is paid over the life of the loan in each case? 3. Which payment frequency accrues (and costs) the most in interest, and why?
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Public Finance
Authors: John E. Anderson
2nd edition
978-0538478441, 538478446, 978-1133708360, 1133708366, 978-1111526986
