b) You have decided to buy an apartment costing $140,000. At preseñt you have $10,000 to be paid as down payment and your bank CAB agrees to provide you with the remaining amount of money. The interest rate is 12% to be repaid in 5 years period. Find the annual payment to be amortized and also prepare a schedule of amortization.
b) You have decided to buy an apartment costing $140,000. At preseñt you have $10,000 to be paid as down payment and your bank CAB agrees to provide you with the remaining amount of money. The interest rate is 12% to be repaid in 5 years period. Find the annual payment to be amortized and also prepare a schedule of amortization.
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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Question
![b) You have decided to buy an apartment costing $140,000. At present you have
$10,000 to be paid as down payment and your bank CAB agrees to provide you with
the remaining amount of money. The interest rate is 12% to be repaid in 5 years
period. Find the annual payment to be amortized and also prepare a schedule of
amortization.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff24d02ba-bb98-4263-8ecb-42c1ac64c463%2F44c11416-d96d-4b2b-9f61-0ea5fc216924%2F7opajl2_processed.jpeg&w=3840&q=75)
Transcribed Image Text:b) You have decided to buy an apartment costing $140,000. At present you have
$10,000 to be paid as down payment and your bank CAB agrees to provide you with
the remaining amount of money. The interest rate is 12% to be repaid in 5 years
period. Find the annual payment to be amortized and also prepare a schedule of
amortization.
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