Question
Fourteen years and three quarters ago, you took out a 30- year loan of $300,000. The loan has a 7% APR with semi-annual compounding. What
Fourteen years and three quarters ago, you took out a 30- year loan of $300,000. The loan has a 7% APR with semi-annual compounding. What is the ratio of payment that goes towards interest payment on the loan in the past year? Please show the intermediate steps of how you solve the question.
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International Finance Transactions Policy And Regulation
Authors: Hal Scott, Anna Gelpern
23rd Edition
1647084105, 978-1647084103
