O a. $1,054,602.46 b. $1,044,056.44 c. $970,234.27 d. $1,022,964.39 O e. $991,326.31

Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 15E
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Armita takes out a 3 year mortgage for $1,075,000 at an interest rate of i(26) = 8.875%. The amortization period is 20 years and she will make bi-weekly payments. What is
the outstanding balance at the end of 1 year?
a. $1,054,602.46
b. $1,044,056.44
c. $970,234.27
d. $1,022,964.39
e. $991,326.31
Transcribed Image Text:Armita takes out a 3 year mortgage for $1,075,000 at an interest rate of i(26) = 8.875%. The amortization period is 20 years and she will make bi-weekly payments. What is the outstanding balance at the end of 1 year? a. $1,054,602.46 b. $1,044,056.44 c. $970,234.27 d. $1,022,964.39 e. $991,326.31
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