A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $128,000.00 for 29 years at 4.1% compounded monthly, and will make monthly payments of $629.39. ( Round all answers to 2 decimal places) What is the unpaid balance after 13 months? During this time period, how much interest did she pay?
A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $128,000.00 for 29 years at 4.1% compounded monthly, and will make monthly payments of $629.39. ( Round all answers to 2 decimal places) What is the unpaid balance after 13 months? During this time period, how much interest did she pay?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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A young executive is going to purchase a vacation property for investment purposes. She needs to borrow $128,000.00 for 29 years at 4.1% compounded monthly, and will make monthly payments of $629.39. ( Round all answers to 2 decimal places)
What is the unpaid balance after 13 months?
During this time period, how much interest did she pay?
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