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Suppose you have taken out a $165,000 fixed rate mortgage loan that has a term of 15 years and an interest rate of 3.25%.
Suppose you have taken out a $165,000 fixed rate mortgage loan that has a term of 15 years and an interest rate of 3.25%. If you able to make a lump sum future payment of $15,000, what will be your monthly mortgage payment?
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To calculate the monthly mortgage payment we can use the formula for a fixedrate mortgage loan P Lc1 ...
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine
6th Canadian edition
1118644948, 978-1118805084, 1118805089, 978-1118644942
