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MATH SOLVE
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Consider a 30-year mortgage at an interest rate of 8% compounded monthly with a $1200 monthly paymen...
5 months ago
Q:
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)?
Accepted Solution
A:
Total = 1200[tex] ( 1+ \frac{0.08}{12} )^{30} [/tex] = $1464.71