Fifteen years ago, the Budai family bought a home and financed $150,000 with a 30-year mortgage at 8.2%. (a) Find their monthly payment, the total amount of their payments, and the total amount of interest they will pay over the life of this loan. (b) The Budais made payments for 15 years. Estimate the unpaid balance using the formula y =R( 1-(1+i)n-x-1/i)
Fifteen years ago, the Budai family bought a home and financed $150,000 with a 30-year mortgage at 8.2%. (a) Find their monthly payment, the total amount of their payments, and the total amount of interest they will pay over the life of this loan. (b) The Budais made payments for 15 years. Estimate the unpaid balance using the formula y =R( 1-(1+i)n-x-1/i)
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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Fifteen years ago, the Budai family bought a home and financed $150,000 with a 30-year mortgage at 8.2%.
(a) Find their monthly payment, the total amount of their payments, and the total amount of interest they will pay over the life of this loan.
(b) The Budais made payments for 15 years. Estimate the unpaid balance using the formula
y =R( 1-(1+i)n-x-1/i)
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