Question
You obtain a $150,000 home loan for 25 years at 4.8% interest compounded monthly. After 8 years the rate is raised to 6.3%. Compute: a.
You obtain a $150,000 home loan for 25 years at 4.8% interest compounded monthly. After 8 years the rate is raised to 6.3%. Compute:
a. the new payment if the term of the loan is to remain the same
b. the term of the loan if the payment remains the same. What is the size of the concluding payment?
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Fundamentals of Engineering Economics
Authors: Chan S. Park
3rd edition
132775425, 132775427, 978-0132775427
