You have taken out a mortgage to acquire a commercial property that amortizes over 30 years. The
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Question:
You have taken out a mortgage to acquire a commercial property that amortizes over 30 years. The mortgage amount is $2,500,000 and the rate is 5.0% annually, compounded monthly.
How many months will pass before you have a mortgage balance of $1,500,000 remaining?
Related Book For
Engineering Economic Analysis
ISBN: 9780195168075
9th Edition
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
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