Question
You bought a house 208 months ago and took out a mortgage (an installment) loan for $130,000 to buy the house. This is a
You bought a house 208 months ago and took out a mortgage (an installment) loan for $130,000 to buy the house. This is a 30-year loan that requires monthly payments (and the first payment was due one month after taking the loan). The APR for the loan is 36%. You just made the month 208 payment and are interested to know how much of your next month payment will go towards the repayment of principal? That amount is Calculate your answer to the nearest $.01 and do not use the $ sign.
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Financial Management Theory And Practice
Authors: Eugene Brigham, Michael Ehrhardt, Jerome Gessaroli, Richard Nason
3rd Canadian Edition
017658305X, 978-0176583057
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