Question
Given the Following: Amount Borrowed: 200,000 APR: 3% Term: 8 years a. What is the monthly payment? b. What is the amount of the monthly
Given the Following: Amount Borrowed: 200,000 APR: 3% Term: 8 years
a. What is the monthly payment?
b. What is the amount of the monthly payment that is interest in the 8th? month?
c. What is the amount of monthly payment that is principle in the 10th? month?
d. What is the effective interest rate on this? loan?
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To calculate the monthly payment we can use the formula for the monthly payment of a fixedrate mortg...
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
