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To repay your mortgage, you need to make monthly payments of $2000 for the next 25 years. What will be your outstanding balance 5
To repay your mortgage, you need to make monthly payments of $2000 for the next 25 years. What will be your outstanding balance 5 years from now (right after you make your 60th payment)? Assume your monthly interest rate is 0.5% [Hint: you need to compute the present value of remaining monthly amount after 5 years]
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the outstanding balance 27916154 MP y 1 x 1rn1 2000 ...Get Instant Access to Expert-Tailored Solutions
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Foundations of Finance The Logic and Practice of Financial Management
Authors: Arthur J. Keown, John D. Martin, J. William Petty
8th edition
132994879, 978-0132994873
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