On 1 January 2023, Sarah borrowed £300,000 to buy a house. She pays a fixed rate of interest 6% per annum and makes equal monthly instalments, comprised of varying amounts of capital and interest, over a twenty-year period. By which one of the following will she have paid off half of the capital? a. 1 March 2032 b. 1 Dec 2032 c. Jan 2033 d. 1June 2035
On 1 January 2023, Sarah borrowed £300,000 to buy a house. She pays a fixed rate of interest 6% per annum and makes equal monthly instalments, comprised of varying amounts of capital and interest, over a twenty-year period. By which one of the following will she have paid off half of the capital? a. 1 March 2032 b. 1 Dec 2032 c. Jan 2033 d. 1June 2035
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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On 1 January 2023, Sarah borrowed £300,000 to buy a house. She pays a fixed rate of interest 6% per annum and makes equal monthly instalments, comprised of varying amounts of capital and interest, over a twenty-year period.
By which one of the following will she have paid off half of the capital?
a. 1 March 2032
b. 1 Dec 2032
c. Jan 2033
d. 1June 2035
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