Question 4 Five years ago, the Jones purchased a house and took out a mortgage of $600,000 from the BMO bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 5-year term. The bank calculated their monthly payment should be $2,776. How much interest did they pay in the 3rd year of the mortgage? $15,468.05 $20,166.42 $4.151.24 $47.853.67 $1,380.54

Question 4 Five years ago, the Jones purchased a house and took out a mortgage of $600,000 from the BMO bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 5-year term. The bank calculated their monthly payment should be $2,776. How much interest did they pay in the 3rd year of the mortgage? $15,468.05 $20,166.42 $4.151.24 $47.853.67 $1,380.54

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 24PROB

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