The Brown family recently bought a house. The house has a 30 year, $156,000 mortgage with a nominal interest rate of 8 percent. Payments are made at the end of each month. What is the balance on the loan offer the first three years of payments have been made? Please
The Brown family recently bought a house. The house has a 30 year, $156,000 mortgage with a nominal interest rate of 8 percent. Payments are made at the end of each month. What is the balance on the loan offer the first three years of payments have been made? Please
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 15P
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The Brown family recently bought a house. The house has a 30 year, $156,000 mortgage with a nominal interest rate of 8 percent. Payments are made at the end of each month. What is the balance on the loan offer the first three years of payments have been made? Please show formula for solution without using financial calculator or excel. I am using a texas instruments calculator.
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