Suppose you have taken out a $135,000 fully-amortizing fixed rate mortgage loan that has a term...
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Suppose you have taken out a $135,000 fully-amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 6%. After your first mortgage payment, how much of the original loan balance is remaining? Suppose you have taken out a $135,000 fully-amortizing fixed rate mortgage loan that has a term of 15 years and an interest rate of 6%. After your first mortgage payment, how much of the original loan balance is remaining?
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To calculate the remaining balance after the first payment we need to use the amort... View the full answer
Related Book For
Microeconomics An Intuitive Approach with Calculus
ISBN: 978-0538453257
1st edition
Authors: Thomas Nechyba
Posted Date:
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