You want to buy a house, and a mortgage company will lend you $265,000. The loan would be fully amortized over 15 years (180 months), and the nominal interest rate would be fixed at 7.25 percent, compounded monthly. What would be the monthly mortgage payment? a. $2,419.09 b. $19,212.56 c. $29,556.68 d. $18,532.56 e. $2,902.90
You want to buy a house, and a mortgage company will lend you $265,000. The loan would be fully amortized over 15 years (180 months), and the nominal interest rate would be fixed at 7.25 percent, compounded monthly. What would be the monthly mortgage payment? a. $2,419.09 b. $19,212.56 c. $29,556.68 d. $18,532.56 e. $2,902.90
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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You want to buy a house, and a mortgage company will lend you $265,000. The loan would be fully amortized over 15 years (180 months), and the nominal interest rate would be fixed at 7.25 percent, compounded monthly. What would be the monthly mortgage payment?
a. $2,419.09b. $19,212.56c. $29,556.68d. $18,532.56e. $2,902.90
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