Kristina has a mortgage of $575,000 through her bank for property purchased. The loan is repaid by end of month payments of $4,182.71 with an interest rate of 6.96% compounded monthly over 23 years. What is the interest included in the 39th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places.

Kristina has a mortgage of $575,000 through her bank for property purchased. The loan is repaid by end of month payments of $4,182.71 with an interest rate of 6.96% compounded monthly over 23 years. What is the interest included in the 39th payment of the mortgage? Enter a POSITIVE VALUE rounded to two decimal places.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 19PROB

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