Question
You are buying a house, and after the down payment, you will be getting a 20 year mortgage for $545,000. You must make monthly payments
You are buying a house, and after the down payment, you will be getting a 20 year mortgage for $545,000. You must make monthly payments and the bank quotes you a rate of 2.5% monthly compounded. How much would you still owe at the end of the first month, after you have made the first payment?
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Financial Management For Public, Health, And Not-for-Profit Organizations
Authors: Steven A. Finkler, Daniel L. Smith, Thad D. Calabrese, Robert M. Purtell
6th Edition
150639681X, 978-1506396811
