Question
Sarah secured a bank loan of $185,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term
Sarah secured a bank loan of $185,000 for the purchase of a house. The mortgage is to be amortized through monthly payments for a term of 15 years, with an interest rate of 3%/year compounded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will Sarah still owe on her house at that time?
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Finance For Nonfinancial Managers
Authors: Gene Siciliano
2nd Edition
0071824367, 978-0071824361
