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
A bank loans a family $90,000 at 8% annual interest rate to purchase a house. The family
agrees to pay the loan off by making semiannual payments over a 25 year period. How
much should the semiannual payment be in order to pay off the debt in 25 years?
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