Question
Nancy takes out a 31-year loan of $700,000 today. The bank charges interest at 3.9% p.a. compounded monthly. Nancy makes equal month-end payments starting in
Nancy takes out a 31-year loan of $700,000 today. The bank charges interest at 3.9% p.a. compounded monthly. Nancy makes equal month-end payments starting in one months time. Calculate how much Nancy should repay each month.
The monthly repayment is?
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Finance For Executives Managing For Value Creation
Authors: Gabriel Hawawini, Claude Viallet
6th Edition
1473749247, 9781473749245
