Answered: 72,000 as a mortgage loan on your…

72,000 as a mortgage loan on your house. The interest rate is 5%. The bank has calculated the monthly payment to be $515.83. H

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter16: Working Capital Policy And Short-term Financing

Section: Chapter Questions

Problem 14P

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uppose you have borrowed 72,000 as a mortgage loan on your house. The interest rate is 6%. The bank has calculated the monthly payment to be $515.83. How long will it take you to pay the loan?
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