Question
Henry Jones intends to purchase a home unit and needs to borrow money from the bank.Details of the loan are as follows: Term 20 years
Henry Jones intends to purchase a home unit and needs to borrow money from the bank.Details of the loan are as follows:
Term
20 years
Loan Amount
$650,000.00
Annual Interest rate
8%
The loan is repaid using Monthly instalments.
At the end of the fifth year, just after paying the 60th instalment due at that time, Henry has a windfall and is considering paying out the loan.
Required:
How much money would be required to discharge the loan at the end of the 5thyear?
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Statistics The Exploration & Analysis Of Data
Authors: Roxy Peck, Jay L. Devore
7th Edition
0840058012, 978-0840058010
