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Three years ago, the Amouzegars purchased a house and took out a mortgage of $850,000 from the CIBC bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 3-year term. The bank calculated their monthly payment should be $3,932. How much would the final payment be assuming the same interest rate over the 25 years? $3,732.48 O -$190.89 $3,723.85 $3,741.11 O $4,122.89

Three years ago, the Amouzegars purchased a house and took out a mortgage of $850,000 from the CIBC bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 3-year term. The bank calculated their monthly payment should be $3,932. How much would the final payment be assuming the same interest rate over the 25 years? $3,732.48 O -$190.89 $3,723.85 $3,741.11 O $4,122.89

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
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Three years ago, the Amouzegars purchased a house and took out a mortgage of $850,00O from the CIBC bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 3-year term. The bank calculated their monthly payment should be $3,932. How much would the final payment be assuming the same interest rate over the 25 years? $3,732.48 O-$190.89 O $3,723.85 $3,741.11 O $4,122.89
Transcribed Image Text:Three years ago, the Amouzegars purchased a house and took out a mortgage of $850,00O from the CIBC bank. They amortized the mortgage over 25 years at 2.79% compounded semi-annually for a 3-year term. The bank calculated their monthly payment should be $3,932. How much would the final payment be assuming the same interest rate over the 25 years? $3,732.48 O-$190.89 O $3,723.85 $3,741.11 O $4,122.89
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