ou borrow $333,000 to purchase a home. Your mortgage requires monthly payments over the next 23 years, with the first payment due one month from today. The annualized interest rate for the loan is4.2%. What will be your remaining loan balance immediately following payment #28? Hint: you do not need to create an amortization schedule to answer this question. Do not round intermediate steps. Enter your answer as a positive number, and round to the nearest pen
ou borrow $333,000 to purchase a home. Your mortgage requires monthly payments over the next 23 years, with the first payment due one month from today. The annualized interest rate for the loan is4.2%. What will be your remaining loan balance immediately following payment #28? Hint: you do not need to create an amortization schedule to answer this question. Do not round intermediate steps. Enter your answer as a positive number, and round to the nearest pen
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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You borrow $333,000 to purchase a home. Your mortgage requires monthly payments over the next 23 years, with the first payment due one month from today. The annualized interest rate for the loan is4.2%. What will be your remaining loan balance immediately following payment #28? Hint: you do not need to create an amortization schedule to answer this question. Do not round intermediate steps. Enter your answer as a positive number, and round to the nearest penny.
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