Monica
Green has just bought a boat by taking an unconventional 15 year, $82,000
mortgage from the bank. The interest rate is 9.5%. The mortgage is to be paid
off by payments made every year starting one year from today. How much does
Monica have to pay every year to repay the mortgage?
Answer
a. $856.26
b. $5,466.67
c. $9,566.19
d. $10,474.98
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Saturday 27 October 2012
Monica Green has just bought a boat by taking an unconventional 15 year, $82,000 mortgage from the bank. The interest rate is 9.5%. The mortgage is to be paid off by payments made every year starting one year from today. How much does Monica have to pay every year to repay the mortgage? Answer a. $856.26 b. $5,466.67 c. $9,566.19 d. $10,474.98
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