The Brown family recently bought a house. The house has a 30 year, $165,000 mortgage with a nominal interest rate of 8 percent. Payments are made at the end of each month. What is the total dollar amount of interest the family will pay during the first four years their mortgage? Please show formula for solution without using financial calculator or excel. I am using a texas instruments calculator.
The Brown family recently bought a house. The house has a 30 year, $165,000 mortgage with a nominal interest rate of 8 percent. Payments are made at the end of each month. What is the total dollar amount of interest the family will pay during the first four years their mortgage? Please show formula for solution without using financial calculator or excel. I am using a texas instruments calculator.
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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The Brown family recently bought a house. The house has a 30 year, $165,000 mortgage with a nominal interest rate of 8 percent. Payments are made at the end of each month. What is the total dollar amount of interest the family will pay during the first four years their mortgage? Please show formula for solution without using financial calculator or excel. I am using a texas instruments calculator.
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