Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 45P
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Question
Rounded to dollars and cents, what will be the monthly payment on a $75,000 30-year home mortgage at 1% interest per month?
Expert Solution
Step 1
The PMT function can be used to derive the number of monthly payments that may be required to accumulate a future sum or to pay off a loan within a specific time peirod.
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