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step by step detailed calculation of $ 33,184.47. Hopefully using the Sharp EL-738XT calculator.

step by step detailed calculation of $ 33,184.47. Hopefully using the Sharp EL-738XT calculator.

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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I would like to have a step by step detailed calculation of $ 33,184.47. Hopefully using the Sharp EL-738XT calculator.

 

 

Table 5.3 | Amortization Period for a $120,000 Mortgage at 4% Monthly Payment* Principal Payment Reductions** $631.23 25 years (Longer amortization period) 15 years (Shorter amortization period) $885.65 ($254.42) Total Interest Paid*** $69,366.06 $33,184.67 Interest Savings*** $36,181.39 * The amounts in this table were calculated using the RBC Mortgage Payment Calculator. ** This is the difference between $631.23 and $885.65= ($254.42) that is being applied directly to the outstanding balance every month. *** Interest savings are calculated over the entire amortization period, assuming that payments are made monthly at a constant rate of interest, and recognizing semi-annual compounding.
Transcribed Image Text:Table 5.3 | Amortization Period for a $120,000 Mortgage at 4% Monthly Payment* Principal Payment Reductions** $631.23 25 years (Longer amortization period) 15 years (Shorter amortization period) $885.65 ($254.42) Total Interest Paid*** $69,366.06 $33,184.67 Interest Savings*** $36,181.39 * The amounts in this table were calculated using the RBC Mortgage Payment Calculator. ** This is the difference between $631.23 and $885.65= ($254.42) that is being applied directly to the outstanding balance every month. *** Interest savings are calculated over the entire amortization period, assuming that payments are made monthly at a constant rate of interest, and recognizing semi-annual compounding.
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