Question
The interest rate on a 20-year, $520,000.00 mortgage is 4.70% compounded semi-annually. Calculate the amount of interest saved if the mortgage was settled with month-end
The interest rate on a 20-year, $520,000.00 mortgage is 4.70% compounded semi-annually. Calculate the amount of interest saved if the mortgage was settled with month-end payments in 16 years instead of month-end payments in 20 years. Note: Round the month-end payments to the nearest cent.
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Accounting Tools for business decision making
Authors: kimmel, weygandt, kieso
4th Edition
978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461
