Question
Your grandfather takes a reverse mortgage on his house for $100,000 at 8 percent for five years, annual annuity payments. What payment will he receive?
Your grandfather takes a reverse mortgage on his house for $100,000 at 8 percent for five years, annual annuity payments. What payment will he receive? How much interest does he pay on the loan? What is the balance owed if he decides to repay the loan at the end of year 2?
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Public Finance
Authors: Charles Francis Bastable
1st Edition
1375520083, 978-1375520089
