today you borrowed 100,000 at 10% APR compounded monthly to buy a house. you will repay the

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today you borrowed 100,000 at 10% APR compounded monthly to buy a house. you will repay the mortgage with equal monthly payment over 10 years. First payment is due in a month.

a) what is the approximate amount of the monthly?

b) after paying the loan for 3 years, whats the remaining balance of the loan?

Related Book For answer-question

Fundamentals of Financial Management

ISBN: 978-0324664553

Concise 6th Edition

Authors: Eugene F. Brigham, Joel F. Houston

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Posted Date: Apr 05, 2024 12:18 PM

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today you borrowed 100,000 at 10% APR compounded monthly to buy a house. you will repay the

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Expert Answer:

To solve this problem we can use the formula for the monthly payment of an amortizing loan often cal... View the full answer

Fundamentals of Financial Management

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