A mortgage broker offers to sell you a loan contract that would provide you with end-of-month payments
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A mortgage broker offers to sell you a loan contract that would provide you with end-of-month payments of $900 for the next 21 years. In addition, at the end of the 4 year period, you will also receive a lump sum payment of $37,886. What should you pay for the contract, if you require a rate of return of 7.2% compounded monthly?
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The fair market value of the contract is the combined present value of the 33 paym...View the full answer
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I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
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Related Book For
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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