Question
LOAN AMORTIZATION ( Please provide a very detailed explanation and a proper formula for a better understanding also provide a timeline) A family buys a
LOAN AMORTIZATION (Please provide a very detailed explanation and a proper formula for a better understanding also provide a timeline)
A family buys a house worth $326,000. They pay $75,000 deposit and take a mortgage for the balance at J12=9% p.a. to be amortized over 30 years with monthly payments;
A. Find the value of the monthly payment?
B. Find the loan outstanding after making 20 payments?
C. Find the principal repaid in the 21st payment?
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Investments
Authors: Zvi Bodie, Alex Kane, Alan J. Marcus
9th Edition
73530700, 978-0073530703
