Anna has a mortgage of $427,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,598.80 with an interest rate of 4.05% compounded monthly over 20 years. What is the interest included in the 47th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places.
Anna has a mortgage of $427,000 through her bank for property purchased. The loan is repaid by end of month payments of $2,598.80 with an interest rate of 4.05% compounded monthly over 20 years. What is the interest included in the 47th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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