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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Personal Finance
Authors: Jeff Madura
3rd Edition
0321357973, 978-0321357977
