Question
You have just borrowed $100,000 to buy a house and would like to pay off your mortgage gradually by making equal payments each year, at
You have just borrowed $100,000 to buy a house and would like to pay off your mortgage gradually by making equal payments each year, at year end. Your loan has an interest rate of 3% (compounded annually). How many years will it take you to pay off your mortgage if you make annual payments of $5,500 per year?
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Fundamentals of Investments Valuation and Management
Authors: Bradford D. Jordan, Thomas W. Miller
5th edition
978-007728329, 9780073382357, 0077283295, 73382353, 978-0077283292
