Question
Consider a mortgage of 108,000 charging annual nominal interest of 6%, compounded monthly. Interest only payments are made for 5 years, and then monthly payments
Consider a mortgage of 108,000 charging annual nominal interest of 6%, compounded monthly.
Interest only payments are made for 5 years, and then monthly payments of 823 are made until the loan is paid off.
How many payments total will it take to pay off the loan?
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Contemporary Financial Management
Authors: R. Charles Moyer, James R. Mcguigan, William J. Kretlow
9th Edition
032416470X, 9780324164701
