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utual fund manager wishes to purchase a property that's been valued at $1.5 m. She has $200,000 in cash as a deposit, and she will require a mortgage for the rest. The annual interest rate on the loan is 2.45% and is for 25 years. Calculate the monthly repayments. Give your answer in dollars and cents. Do not include mas or the dollar sign in your answer.

utual fund manager wishes to purchase a property that's been valued at $1.5 m. She has $200,000 in cash as a deposit, and she will require a mortgage for the rest. The annual interest rate on the loan is 2.45% and is for 25 years. Calculate the monthly repayments. Give your answer in dollars and cents. Do not include mas or the dollar sign in your answer.

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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A mutual fund manager wishes to purchase a property that's been valued at $1.5 m. She has $200,000 in cash to use as a deposit, and she will require a mortgage for the rest. The annual interest rate on the loan is 2.45% and the loan is for 25 years. Calculate the monthly repayments. Give your answer in dollars and cents. Do not include commas or the dollar sign in your answer.
Transcribed Image Text:A mutual fund manager wishes to purchase a property that's been valued at $1.5 m. She has $200,000 in cash to use as a deposit, and she will require a mortgage for the rest. The annual interest rate on the loan is 2.45% and the loan is for 25 years. Calculate the monthly repayments. Give your answer in dollars and cents. Do not include commas or the dollar sign in your answer.
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