You just bought a home, financing it with standard 15-year mortgage with monthly payments. A quick...
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You just bought a home, financing it with standard 15-year mortgage with monthly payments. A quick calculation shows that if you only make the required payment each month, you will pay X in principal and 0.6X in interest. What is the nominal annual interest rate (monthly compounding) on this mortgage? Hint: pick your favorite starting balance. O 6.220% O6.623% 6.431% 06.028% O6.822% You just bought a home, financing it with standard 15-year mortgage with monthly payments. A quick calculation shows that if you only make the required payment each month, you will pay X in principal and 0.6X in interest. What is the nominal annual interest rate (monthly compounding) on this mortgage? Hint: pick your favorite starting balance. O 6.220% O6.623% 6.431% 06.028% O6.822%
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Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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