Donald and Barbara have 30-year $155,000 mortgage at 7.68% compounded monthly. (a) What was the monthly payment on their mortgage? $ (b) The couple have just completed 12 years of payments. What is the payoff amount on their mortgage? $
Donald and Barbara have 30-year $155,000 mortgage at 7.68% compounded monthly. (a) What was the monthly payment on their mortgage? $ (b) The couple have just completed 12 years of payments. What is the payoff amount on their mortgage? $
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Donald and Barbara have 30-year $155,000 mortgage at 7.68% compounded monthly.
(a) What was the monthly payment on their mortgage?
$
(b) The couple have just completed 12 years of payments. What is the payoff amount on their mortgage?
$
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