Question
Suppose you make monthly mortgage payments of $1,345 and have 11 years left on the mortgage (next payment due next month). Assuming a 6.6% stated
Suppose you make monthly mortgage payments of $1,345 and have 11 years left on the mortgage (next payment due next month). Assuming a 6.6% stated annual interest rate for the mortgage, how much would you need today to pay off the mortgage?
Please show calculations the answer I keep getting is wrong.
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Fundamentals Of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
16th Edition
0357517571, 978-0357517574
