Question
You decide to take out a mortgage to buy a home after graduation. Assume a loan amount of $100,000 for 30 years at a nominal
You decide to take out a mortgage to buy a home after graduation. Assume a loan amount of $100,000 for 30 years at a nominal annual interest rate of 12%, compounded monthly.
What is the total amount of interest that is paid over the course of the 30 years?
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International Financial Management
Authors: Cheol Eun, Bruce Resnick
5thEdition
0073382345, 9780073382340
