Clarence bought a $188 000 condo with a $28 000 down payment and took out a mortgage for the remaining $160 000 at 12 percent nominal interest, compounded monthly. We determined that he would make 51 $4000 payments and then a final payment. What is his final payment?

Answer rating: 100% (QA)

To solve this problem we first need to calculate the monthly interest rate and the total number of p... View the full answer