Sarah secured a bank loan of $190,000 for the purchase of a house. Themortage is the amortized through mothly paymetns for a term of 15 years, with an interst rate of 3%/year compunded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will SArah still owe on her house at that time?
Sarah secured a bank loan of $190,000 for the purchase of a house. Themortage is the amortized through mothly paymetns for a term of 15 years, with an interst rate of 3%/year compunded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will SArah still owe on her house at that time?
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Sarah secured a bank loan of $190,000 for the purchase of a house. Themortage is the amortized through mothly paymetns for a term of 15 years, with an interst rate of 3%/year compunded monthly on the unpaid balance. She plans to sell her house in 10 years. How much will SArah still owe on her house at that time? (round your answer to the nearest cent)
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