You bought a house for $500,000 with a 30 year bank loan that has quarterly payments at an interest rate of 7% (APR). Immediately after year 10 (20 years left on the loan). You will resell the house for $ 600,000 and completely pay off the rest of the loan. How much do you have to pay the bank to completely pay off the loan? $428, 652.86 $426,866.75 $361, 273.83 $514,383.43
You bought a house for $500,000 with a 30 year bank loan that has quarterly payments at an interest rate of 7% (APR). Immediately after year 10 (20 years left on the loan). You will resell the house for $ 600,000 and completely pay off the rest of the loan. How much do you have to pay the bank to completely pay off the loan? $428, 652.86 $426,866.75 $361, 273.83 $514,383.43
Chapter19: Lease And Intermediate-term Financing
Section: Chapter Questions
Problem 14P
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