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Calculate for each year loan balance-remains outstanding

A mortgage requires you to pay $70,000 at the end of each of the next eight years. The interest rate is 8%.

a. What is the present value of these payments?

b. Calculate for each year the loan balance that remains outstanding, the interest payment on the loan, and the reduction in the loan balance.

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Finance Basics: Calculate for each year loan balance-remains outstanding

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Solution Preview :

Prepared by a verified Expert

Finance Basics: Calculate for each year loan balance-remains outstanding

Reference No:- TGS0557282

Have a Question? (oR Write a Review)

Recent Questions Asked Finance Basics

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Solution Preview :

Prepared by a verified Expert

Finance Basics: Calculate for each year loan balance-remains outstanding

Reference No:- TGS0557282

Recent Questions Asked Finance Basics

Q : What factor from the tables would be used to calculate

Q : Determine the ship-s npv if the discount rate is given

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