You purchased a house for $100,000 at an 8% APR. Your loan term is 360 months. If you make minimum payments, how many months will it take to have a loan balance of $50,000? Hint: If you want to know how long until your loan balance is $50,000, then in the future your loan value is $50,000. 416 months 269 months 189 months 174 months 280 months
You purchased a house for $100,000 at an 8% APR. Your loan term is 360 months. If you make minimum payments, how many months will it take to have a loan balance of $50,000? Hint: If you want to know how long until your loan balance is $50,000, then in the future your loan value is $50,000. 416 months 269 months 189 months 174 months 280 months
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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You purchased a house for $100,000 at an 8% APR. Your loan term is 360 months. If you make minimum payments, how many months will it take to have a loan balance of $50,000?
Hint: If you want to know how long until your loan balance is $50,000, then in the future your loan value is $50,000.
416 months
269 months
189 months
174 months
280 months
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