Let's say that we have a 20 year mortgage with an original loan balance of $150,000...
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Let's say that we have a 20 year mortgage with an original loan balance of $150,000 at 7% interest per year. How much interest do you pay in the 6th year of the loan? (The loan is compounded monthly) Let's say that we have a 20 year mortgage with an original loan balance of $150,000 at 7% interest per year. How much interest do you pay in the 6th year of the loan? (The loan is compounded monthly)
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Answer rating: 100% (QA)
To calculate the interest paid in the 6th year of the loan we first need to determine the monthly payment using the formula for the monthly payment of a fixedrate mortgage PMT Pr1 1 rn Where P Princip... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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