The annual interest rate was 65 what is your monthly


Five years ago, you took out a 30-year mortgage of $200,000 to purchase your home, based on level monthly repayments. At that time, the annual interest rate was 6.5%. (a) What is your monthly mortgage payment? (b) If you wish to pay off the balance remaining on the mortgage loan today (i.e., 5 years after you entered into the contract), how much must you pay?

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Financial Management: The annual interest rate was 65 what is your monthly
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