Question
To buy an apartment, you borrowed on June 1, 2017 1 million euros over 5 years at 5% to be repaid in constant annual installments.
To buy an apartment, you borrowed on June 1, 2017 1 million euros over 5 years at 5% to be repaid in constant annual installments.
1) Calculate the amount of the annual instalments.
2) If these were monthly payments (and not annuities), for a rate of 5% (APR), what would be the amount?
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Personal Finance
Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes
11th International Edition
1259094901, 9781259094903
