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ikrabbe ikrabbe
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6 years ago
The Savoias bought an investment property valued at $160 000.00 by paying 25% down and mortgaging the balance over 25 years through equal monthly payments at 6% compounded monthly. What was the size of the monthly payments?
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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wrote...
6 years ago
The mortgaged balance is 160 000 × (1-0.25) = 120 000
120000.00 = PMT 
120000.00 = PMT(155.206864)
$773.16 = PMT
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