Question
Ronnie wants to borrow $280,000 to buy a house. His bank is offering a 30-year loan that requires monthly payments with an interest rate of
Ronnie wants to borrow $280,000 to buy a house. His bank is offering a 30-year loan that requires monthly payments with an interest rate of 8.0% compounded monthly. What would Ronnies monthly payment be on this loan?
Multiple Choice
$24,871.68
$2,055.32
$2,154.54Incorrect
$22,400
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The Handbook For Investment Committee Members
Authors: Russell L. Olson
1st Edition
0471719781, 978-0471719786
