Aaron is planning to get a loan for a house costing $320,000. He plans to make a downpayment of 15% pf the cost of the house. The bank's rate is 4.25% p.y.c.d. over 30 years. He expects to make regular month-end payments. Every 12 months, he will also make an extra payment when he gets his annual bonus payment. His first extra payment will be $2,000 and it will increase by 4% every year. What will his last 2 payments be?

Aaron is planning to get a loan for a house costing $320,000. He plans to make a downpayment of 15% pf the cost of the house. The bank's rate is 4.25% p.y.c.d. over 30 years. He expects to make regular month-end payments. Every 12 months, he will also make an extra payment when he gets his annual bonus payment. His first extra payment will be $2,000 and it will increase by 4% every year. What will his last 2 payments be?

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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Similar questions

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