A mortgage of $95 000 is to be amortized by monthly payments over 25 years. If the payments are made at the end of each month and interest is 8.5% compounded semi-annually, what is the size of the monthly payments?
A mortgage of $95 000 is to be amortized by monthly payments over 25 years. If the payments are made at the end of each month and interest is 8.5% compounded semi-annually, what is the size of the monthly payments?
Chapter4: Time Value Of Money
Section4.17: Amortized Loans
Problem 1ST
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4. A mortgage of $95 000 is to be amortized by monthly payments over 25 years. If
the payments are made at the end of each month and interest is 8.5%
compounded semi-annually, what is the size of the monthly payments?
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