Question
You were offered a $900,000 mortgage at a rate of 4.75%. The mortgage calls for equal monthly payments based on a 20-year amortization period. If
You were offered a $900,000 mortgage at a rate of 4.75%. The mortgage calls for equal monthly payments based on a 20-year amortization period. If using the annuity present value formula to find your monthly payment amount, what discount rate should be used in the formula?
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Financial management theory and practice
Authors: Eugene F. Brigham and Michael C. Ehrhardt
12th Edition
978-0030243998, 30243998, 324422695, 978-0324422696
