EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN: 9781337514835
Author: MOYER
Publisher: CENGAGE LEARNING - CONSIGNMENT
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Island News purchased a piece of property for $1.46 million. The firm paid a down payment of 20 percent in cash and financed the balance. The loan terms require monthly payments for 20 years at an APR of 4.33 percent, compounded monthly. What is the amount of each mortgage payment?
(Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Note: You may use Excel or Google Sheets to solve this problem (highly recommended).
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