Question 3Christy took out a mortgage of $717,000 for a house and just made the 117th end ofmonth payment. If interest on the loan was 4.19% compounded monthly and themortgage has a period of 19 years. Round ALL answers to two decimal places ifnecessary.1) What are her monthly payments?P/Y =C/Y =N =VY =PV = $FV = $PMT = $2) What is her current outstanding balance after the 117th payment?BAL = $(enter apositive value)

Given information : Mortgage amount $717,000 Total time period (years) 19 Interest rate 4.19%…

Answered: Christy took out a mortgage of $717,000…

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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Christy took out a mortgage of $717,000 for a house and just made the 117th end of month payment. If interest on the loan was 4.19% compounded monthly and the mortgage has a period of 19 years. Round ALL answers to two decimal places if necessary.