Question
Suppose leo has applied for a $1200000 loan to purchase house. The mortgage will be amortized over 25 years with monthly payments based on a
Suppose leo has applied for a $1200000 loan to purchase house. The mortgage will be amortized over 25 years with monthly payments based on a nominal rate of 7.2% compounded monthly. .
(ii) Find the outstanding principal of the loan after paying the 130th payment. (6 marks)
(iii) Show the amortization schedule entries for the 131st and 132nd payments
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Smith and Roberson Business Law
Authors: Richard A. Mann, Barry S. Roberts
15th Edition
1285141903, 1285141903, 9781285141909, 978-0538473637
