Richard Miyashiro purchased a condominium and obtained a 30-year loan of $196,000 at an annual interest rate of 8.20%. (Round your answers to the nearest cent.) (a) What is the mortgage payment? $ (b) What is the total of the payments over the life of the loan? $ (c) Find the amount of interest paid on the mortgage loan over the 30 years.

Richard Miyashiro purchased a condominium and obtained a 30-year loan of $196,000 at an annual interest rate of 8.20%. (Round your answers to the nearest cent.) (a) What is the mortgage payment? $ (b) What is the total of the payments over the life of the loan? $ (c) Find the amount of interest paid on the mortgage loan over the 30 years.

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 24PROB

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