Question
Erin Baxter took out a mortgage loan which had a 5-year term. She borrowed $63,500 at an interest rate of 9.25% per annum, compounded semi-annually;
Erin Baxter took out a mortgage loan which had a 5-year term. She borrowed $63,500 at an interest rate of 9.25% per annum, compounded semi-annually; made monthly payments based on a 25-year amortization. Calculate the total interest paid and the total principal paid off over the 5-year term.
How do you calculate this? I keep getting around 26940 as interest and thats not the answer
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The Changing Geography Of Banking And Finance
Authors: Pietro Alessandrini ,Michele Fratianni ,Alberto Zazzaro
1st Edition
1441947205, 978-1441947208
