GSME Department

If you can pay $1500 per month, need to borrow $100,000, and want a 25 year mortgage, what is the highest interest rate you can pay? SOLUTION: n i PV FV PMT Result a. 300 16/12 100,000 0 ? PMT =$1358.89 b. 300 16/12 ? 0 1,000 PV = $73,590 c. ? 16/12 100,000 0 1,500 n = 166 d. 300 ? 100,000 0 1,500 i = 1.482% per month Note: Do not round off the ... ................
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