Question
John borrowed $125,000 to buy a house. His loan cost was 11% and he promised to repay the loan in 15 equal annual payments. How
John borrowed $125,000 to buy a house. His loan cost was 11% and he promised to repay the loan in 15 equal annual payments. How much principal is amortized with the first payment?
$17, 383
$13,750
$3,633
$121,367
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Investment Science
Authors: David G. Luenberger
1st Edition
0195108094, 978-0195108095
