Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications
Section: Chapter Questions
Problem 25E
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30-year loan for a house worth $250,000. If the annual interest rate is 6%. Refer to the same question, if the borrower chooses to pay $55,000 at the end of year 12, what will be the new loan maturity (IN YEARS) assuming that loan payments are not reduced? Input the answer in YEARS and in two decimal places.
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