Three years ago, the Amouzegars purchased a house and took out a mortgage of $850,000 from the CIBC bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 3-year term. The bank calculated their monthly payment should be $3,932. How much would the final payment be assuming the same interest rate over the 25 years? $3,732.48 O -$190.89 $3,723.85 $3,741.11 O $4,122.89

Three years ago, the Amouzegars purchased a house and took out a mortgage of $850,000 from the CIBC bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 3-year term. The bank calculated their monthly payment should be $3,932. How much would the final payment be assuming the same interest rate over the 25 years? $3,732.48 O -$190.89 $3,723.85 $3,741.11 O $4,122.89

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 9P

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