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Seven and one-half years ago you borrowed $100,000 on a mortgage loan to buy a house. Your annual contract interest rate is 8.5%, and payments
- Seven and one-half years ago you borrowed $100,000 on a mortgage loan to buy a house. Your annual contract interest rate is 8.5%, and payments are made monthly for 30 years. What is the current balance on the loan?
A. None of the selection is within $2 of the correct answer
B. $92,335
C. $92,410
D. $90,567
E. $85,235
PLEASE HELP ME!!
Seven and one-half years ago you borrowed $100,000 on a mortgage loan to buy a house. Your annual contract interest rate is 8.5%, and payments are made monthly for 30 years. What is the current balance on the loan? None of the selections is within $2 of the correct answer $92,335 $92,410 $90,567 $85,235Step by Step Solution
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Fundamentals of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
13th edition
978-1285027371, 128502737X, 978-1133541141
