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mortgage loan require you to pay $489.44 per month at 6% interest per annum. If you hold condo for 15 years and pa oan, how much are total payments and total interest will US Bank have earned on your mortgage? Total Payments Made Total Interest Paid $ 180.00 1- Total Payments 2 - Original Principal 3- Interest Paid Points 2 180.00 X PV Annuity - See Below 48 48

mortgage loan require you to pay $489.44 per month at 6% interest per annum. If you hold condo for 15 years and pa oan, how much are total payments and total interest will US Bank have earned on your mortgage? Total Payments Made Total Interest Paid $ 180.00 1- Total Payments 2 - Original Principal 3- Interest Paid Points 2 180.00 X PV Annuity - See Below 48 48

Essentials Of Investments
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
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Congratulations, you just bought your first condo. US Bank offers you a 15 year mortgage with monthly payments. The terms of the mortgage loan require you to pay $489.44 per month at 6% interest per annum. If you hold condo for 15 years and pay off the entire loan, how much are total payments and total interest will US Bank have earned on your mortgage? Total Payments Made Total Interest Paid N 15.00 i 6.000000 $ 180.00 PV PMT 489.44 FV 1 - Total Payments 2 - Original Principal 3 - Interest Paid Points 2 180.00 X PV Annuity - See Below 489.44 $0.00 489.44
Transcribed Image Text:Congratulations, you just bought your first condo. US Bank offers you a 15 year mortgage with monthly payments. The terms of the mortgage loan require you to pay $489.44 per month at 6% interest per annum. If you hold condo for 15 years and pay off the entire loan, how much are total payments and total interest will US Bank have earned on your mortgage? Total Payments Made Total Interest Paid N 15.00 i 6.000000 $ 180.00 PV PMT 489.44 FV 1 - Total Payments 2 - Original Principal 3 - Interest Paid Points 2 180.00 X PV Annuity - See Below 489.44 $0.00 489.44
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