Suppose you are a lender being asked to supply a mortgage loan with monthly payments of $1,500
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Question:
Suppose you are a lender being asked to supply a mortgage loan with monthly payments of $1,500 for 30 years or 360 months. Suppose also, that you currently receive interest on loans of similar risk at 6 percent or 0.5 percent per month.
N | I | PV | PMT | FV |
360 | 0.5 | ? | (-)1500 | 0 |
PV=?
1) What payment would you require on this loan?
Related Book For
Quantitative Methods for Business
ISBN: 978-0840062345
12th edition
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
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