You have just purchased a new house for $150,000! You have been given a financing option that
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Question:
You have just purchased a new house for $150,000! You have been given a financing option that allows you to make yearly payments for 20
years at an interest rate of 6%. In order to take advantage of this, you must put $25,000 down.
years at an interest rate of 6%. In order to take advantage of this, you must put $25,000 down.
What is the yearly payment?
After the fifth payment, what lump-sum amount would completely pay off the loan?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: