You are buying a house for $280,000.00 with a downpayment of $56,000.00. The loan will be paid back over 25 years with monthly payments of $1,270.63. If the interest rate is 4.7% compounded monthly, what would the smaller concluding payment be? The concluding payment would be $. (Round to 2 decimal places.)
You are buying a house for $280,000.00 with a downpayment of $56,000.00. The loan will be paid back over 25 years with monthly payments of $1,270.63. If the interest rate is 4.7% compounded monthly, what would the smaller concluding payment be? The concluding payment would be $. (Round to 2 decimal places.)
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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You are buying a house for $280,000.00 with a downpayment of $56,000.00. The loan will be paid back over 25 years with monthly payments of $1,270.63. If the interest rate is 4.7% compounded monthly, what would the smaller concluding payment be?
The concluding payment would be $. (Round to 2 decimal places.)
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