Twelve years ago, Pat and Mike took out a $115,000 loan for 30 years at 9.3% interest. Their monthly payments are $950.25. Mike just received an inheritance and they want to pay off the loan. How much do they still owe?

Twelve years ago, Pat and Mike took out a $115,000 loan for 30 years at 9.3% interest. Their monthly payments are $950.25. Mike just received an inheritance and they want to pay off the loan. How much do they still owe?

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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