You plan to purchase a $100,000 house using a 30 year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a downpayment of 20 percent of the purchase price. Calculate the amount of interest and, separately, principal paid in 25th payment
You plan to purchase a $100,000 house using a 30 year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a downpayment of 20 percent of the purchase price. Calculate the amount of interest and, separately, principal paid in 25th payment
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 15P
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You plan to purchase a $100,000 house using a 30 year mortgage obtained from your local credit union. The mortgage rate offered to you is 8.25 percent. You will make a downpayment of 20 percent of the purchase price.
Calculate the amount of interest and, separately, principal paid in 25th payment
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