ou buy a cabin with a 20 year mortgage to host your famous tap dancing parties. The payments are $600 paid every other week (assume 26 payments per year) and the interest rate is 4.1%. Fifteen years into the mortgage, you get a huge inheritance and decide to pay off the mortgage in cash with part of your inheritance. How much do you still owe 15 years into the mortgage?
ou buy a cabin with a 20 year mortgage to host your famous tap dancing parties. The payments are $600 paid every other week (assume 26 payments per year) and the interest rate is 4.1%. Fifteen years into the mortgage, you get a huge inheritance and decide to pay off the mortgage in cash with part of your inheritance. How much do you still owe 15 years into the mortgage?
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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ou buy a cabin with a 20 year mortgage to host your famous tap dancing parties. The payments are $600 paid every other week (assume 26 payments per year) and the interest rate is 4.1%. Fifteen years into the mortgage, you get a huge inheritance and decide to pay off the mortgage in cash with part of your inheritance. How much do you still owe 15 years into the mortgage?
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