Monica Green has just bought a boat by taking an unconventional 15 - 14583

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yousafbhutta

yousafbhutta

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Price: $1.00
  • From: Business,
  • Posted on: Sat 27 Oct, 2012
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Request Description

 

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

Solution Description

 

Monica Green has just bought a boat by taking an unconventiona