Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On June 1, 2016, you contracted a loan for $180,000 to purchase a condominium, at 15 year term, and interest of 1% effective monthly, payable
On June 1, 2016, you contracted a loan for $180,000 to purchase a condominium, at 15 year term, and interest of 1% effective monthly, payable in equal monthly installments at the beginning of each month. However, at the end of May 2023 and before paying the fee corresponding to the month of June, he decides to pay off $80,000 of the debt, which he received from an inheritance. How much is the new monthly amount that you must start paying from June 2023 and during the time remainder of the loan?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started