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For the $180,000 loan we have been considering, (monthly payments, 8% interest, 25 years) calculate the effective yield (IRR) to the lender if the mortgage
- For the $180,000 loan we have been considering, (monthly payments, 8% interest, 25 years) calculate the effective yield (IRR) to the lender if the mortgage is paid off in five years.
N = 60 months
PMT = $1,389.27
I = 8%
PV = $180,000
P/Yr - 12
FV = $166,093.19
IRR = 8% ???? <-- how to solve for this?
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International financial management
Authors: Jeff Madura
13th edition
978-1337099738, 1337099732, 9781337515894, 1337515892, 978-1337587211
