Question
To purchase a $1,300,000 house, you financed it with a 60% Loan to Value (LTV) ratio constant payment loan maturing in 25 years. The
To purchase a $1,300,000 house, you financed it with a 60% Loan to Value (LTV) ratio constant payment loan maturing in 25 years. The loan is fully amortising. The annual interest rate is 3.15% and the payments are monthly. Calculate the amount of interest paid in Year 3 only. Enter your answer rounded to two decimal places without the $ sign (e.g. 2300.56).
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Get StartedRecommended Textbook for
Contemporary Engineering Economics
Authors: Chan S. Park
5th edition
136118488, 978-8120342095, 8120342097, 978-0136118480
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