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Question 10 Sally is looking at mortgages. One lender presents her with an offer for a $180,000 loan with monthly payments of S 1, 215.00 over 20 years. She pull out her calculator and enters the following: N = 20, PMT = == - 1215, PV = 180000, FV = 0, and computes for the interest rate (i) Which of the following are corrections Sally should make to her entry? N should be 240 All of the Sally's entries are correct i should be 0, and she should calculate the FV PV should be 0, and FV should be 180,000

Question 10 Sally is looking at mortgages. One lender presents her with an offer for a $180,000 loan with monthly payments of S 1, 215.00 over 20 years. She pull out her calculator and enters the following: N = 20, PMT = == - 1215, PV = 180000, FV = 0, and computes for the interest rate (i) Which of the following are corrections Sally should make to her entry? N should be 240 All of the Sally's entries are correct i should be 0, and she should calculate the FV PV should be 0, and FV should be 180,000

Essentials Of Investments
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 10 Sally is looking at mortgages. One lender presents her with an offer for a $180,000 loan with monthly payments of S 1, 215.00 over 20 years. She pull out her calculator and enters the following: N = 20, PMT = == - 1215, PV = 180000, FV = 0, and computes for the interest rate (i) Which of the following are corrections Sally should make to her entry? N should be 240 All of the Sally's entries are correct i should be 0, and she should calculate the FV PV should be 0, and FV should be 180,000
Transcribed Image Text:Question 10 Sally is looking at mortgages. One lender presents her with an offer for a $180,000 loan with monthly payments of S 1, 215.00 over 20 years. She pull out her calculator and enters the following: N = 20, PMT = == - 1215, PV = 180000, FV = 0, and computes for the interest rate (i) Which of the following are corrections Sally should make to her entry? N should be 240 All of the Sally's entries are correct i should be 0, and she should calculate the FV PV should be 0, and FV should be 180,000
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