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3 years ago

12

Consider a 30-year mortgage at an interest rate of 8% compounded monthly with a $1200 monthly payment. What is the loan amount (

present value)?

1 answer:

Drupady [299]3 years ago

3 0

Total = 1200 $( 1+ \frac{0.08}{12} )^{30}$ = $1464.71

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