A person borrows an amount for a new house and s he is going to make monthly payments of 8,000 $ for the next 10 years The nominal annual interest rate is quoted as 12 (Assume the first instalment is going to be paid 1 month after s he borrows ) Find the amount borrowed by this person How much does this credit worth at the end of the last payment date c If this person decides on closing his her loan after paying the 34 th instalment, how much should s he pay It is given that the closing fee of this credit is 1,453 $

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Question: A person borrows an amount for a new house and s/he is going to make monthly payments of 8,000 $ for the next 10 years.

A person borrows an amount for a new house and s/he is going to make monthly payments of 8,000 $ for the next 10 years. The nominal annual interest rate is quoted as 12%. (Assume the first instalment is going to be paid 1 month after s/he borrows.)

Find the amount borrowed by this person.
How much does this credit worth at the end of the last payment date?

c.If this person decides on closing his/her loan after paying the 34^th instalment, how much should s/he pay? It is given that the closing fee of this credit is 1,453 $.

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