Find mortgage payment N = 5 years, monthly payment, annuity due Interest rate
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Question:
Find mortgage payment | ||
N = 5 years, monthly payment, annuity due | ||
Interest rate = 2.9%, compounded monthly | ||
PV = 45,000 | ||
FV = 0 | ||
Compute PMT | ||
Round to 2 decimal places | ||
Amortization schedule after 3 years: same data as Q28 | ||
P1 = 1 | ||
P2 = 36 | ||
29 | Balance after 3 years of payments | |
30 | Total principal repayment after 3 yrs of payments | |
31 | Total interest payments after 3 yrs of payments | |
Round to 2 decimal places |
Related Book For
Financial Management Theory And Practice
ISBN: 978-0176583057
3rd Canadian Edition
Authors: Eugene Brigham, Michael Ehrhardt, Jerome Gessaroli, Richard Nason
Posted Date: