You were buying a House for $190,000 with a down payment of $57,000. The loan will be paid back over 15 years with monthly payments of $1,144.00. If the interest rate is 6.3% compounded monthly what would the smaller concluding payment be?

You were buying a House for $190,000 with a down payment of $57,000. The loan will be paid back over 15 years with monthly payments of $1,144.00. If the interest rate is 6.3% compounded monthly what would the smaller concluding payment be?

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section4.17: Amortized Loans

Problem 1ST

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