A $385,000 house is to be purchased for 25% down and monthly payments of $1200 for as long as necessary. If the interest rate on the mortgage is 3.7% compounded semi-annually, how long will it take to pay off the mortgage. (Give your answer in years and months.)
A $385,000 house is to be purchased for 25% down and monthly payments of $1200 for as long as necessary. If the interest rate on the mortgage is 3.7% compounded semi-annually, how long will it take to pay off the mortgage. (Give your answer in years and months.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:A $385,000 house is to be purchased for 25% down and monthly payments of
$1200 for as long as necessary. If the interest rate on the mortgage is 3.7%
compounded semi-annually, how long will it take to pay off the mortgage. (Give your
answer in years and months.)
Transcribed Image Text:PMT Setting
I/Y
P/Y
C/Y
PV
PMT
FV
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