5. Gabriela's monthly payments of $567.89 will pay off her mortgage loan in 7 years and 5 months. The interest rate on her mortgage is 6.6% compounded monthly. What is the current balance on the loan? Gabriela's monthly payments of $567.89 will pay off her mortgage loan in 7 years and 5 months.The interest rate on her mortgage is 6.6% compounded monthly. What is the current balance on5.the loan?

Monthly payment (X) = $567.89 n = 7 years 5 months = 89 months r = 6.6% per annum = 0.55% per month

Answered: Gabriela's monthly payments of $567.89…

Gabriela's monthly payments of $567.89 will pay off her mortgage loan in 7 years and 5 months. The interest rate on her mortgage is 6.6% compounded monthly. What is the current balance on the loan?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 13PROB

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5. Gabriela's monthly payments of $567.89 will pay off her mortgage loan in 7 years and 5 months. The interest rate on her mortgage is 6.6% compounded monthly. What is the current balance on the loan?

Gabriela's monthly payments of $567.89 will pay off her mortgage loan in 7 years and 5 months.
The interest rate on her mortgage is 6.6% compounded monthly. What is the current balance on
5.
the loan?

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