Business, 12.02.2020 18:17 wittlemarie

You purchase a house and take out a $650,000 loan with a 30-year term at 4.5% nominal annual interest rate (monthly compounding). If you pay off the loan at the end of 5 years (after your 60th payment) how much will you have to pay the bank at that time to the nearest penn?

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You purchase a house and take out a $650,000 loan with a 30-year term at 4.5% nominal annual interes...

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