Solutions to Chapter 1

36. The monthly payment is based on a $100,000 loan: The net amount received is $98,000. Therefore: per month. The effective rate is: (1.01023)12 ( 1 = 0.1299 = 12.99% 37. The payment on the mortgage is computed as follows: After 12 years, 216 months remain on the loan, so the loan balance is: 38. a. ................
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