Question
Six years ago you took out a $220,000, 15-year mortgage with an annual interest rate of 6% compounded monthly. i. Estimate your monthly payments on
Six years ago you took out a $220,000, 15-year mortgage with an annual interest rate of 6% compounded monthly.
i. Estimate your monthly payments on the mortgage.
ii. Compute the outstanding balance on your current loan if you have just made the 72th payments?
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Fixed Income Securities Tools For Todays Markets
Authors: Bruce Tuckman, Angel Serrat
3rd Edition
0470891696, 978-0470891698
