Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Question
You decide to buy a house costing $5,000,000. You pay $1,000,000 down, and the remainder will be paid in
monthly installments over 30 years at 3.5% compounded monthly.
What is the monthly payment?
What is the outstanding balance after making the 100th payment?
What is the equity after making the 100th payment?
How much of the 100th payment will go to principal and how much to interest?
How much interest will paid over the entire length of the loan?
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