Annette commits to a mortgage with an interest rate of 4% compounded monthly for the first 16 years and 3% compounded quarterly for the next 18 years. She pays $11639 at the beginning of every semi-annual period. How much was the original listing price on the house she purchased?
Annette commits to a mortgage with an interest rate of 4% compounded monthly for the first 16 years and 3% compounded quarterly for the next 18 years. She pays $11639 at the beginning of every semi-annual period. How much was the original listing price on the house she purchased?
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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Annette commits to a mortgage with an interest rate of 4% compounded monthly for the first 16 years and 3% compounded quarterly for the next 18 years. She pays $11639 at the beginning of every semi-annual period. How much was the original listing price on the house she purchased?
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