Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

mortgage of $ 1 8 9 , 0 0 0 is to be repaid by making payments of $ 8 4 6 at the end

mortgage of $189,000 is to be repaid by making payments of $846 at the end of each month. If interest is 3.18% per annum compounded annually, what is the term of the mortgage? State your answer in years and months (from 0 to 11 months).The term of the mortgage is years) and months).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamentals Of Investments Valuation And Management

Authors: Bradford Jordan, Thomas Miller, Steve Dolvin

9th Edition

1260013979, 9781260013979

More Books

Students also viewed these Finance questions

Question

What are the challenges associated with tunneling in urban areas?

Answered: 1 week ago

Question

What are the main differences between rigid and flexible pavements?

Answered: 1 week ago

Question

What is the purpose of a retaining wall, and how is it designed?

Answered: 1 week ago

Question

How do you determine the load-bearing capacity of a soil?

Answered: 1 week ago

Question

what is Edward Lemieux effect / Anomeric effect ?

Answered: 1 week ago

Question

=+What is the most challenging part of working in social media?

Answered: 1 week ago