The Caseys recently bought a new condo by taking out a $118,000 mortgage that charges 8.5% compounded annually. They make a payment of $1,800 at the end of every manth. For full marks your answer(s) should be rounded to the nearest cent. a) What is that balance owing after 6 years? Balance Owing = $ 0.00 b) How much interest have they paid at that point? Interest Paid = $ 0.00
The Caseys recently bought a new condo by taking out a $118,000 mortgage that charges 8.5% compounded annually. They make a payment of $1,800 at the end of every manth. For full marks your answer(s) should be rounded to the nearest cent. a) What is that balance owing after 6 years? Balance Owing = $ 0.00 b) How much interest have they paid at that point? Interest Paid = $ 0.00
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 24PROB
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