3 Question 17 Assume you get a 15year 165000 mortgage loan a

3 Question 17, Assume you get a 15-year $165,000 mortgage loan at 8.2% interest, with monthly payments. se the amortization registers of your calculator to find the exact amount of the final monthly payment $1,597.50 $1,594.38 $1.56 $1,595.94

Solution

PV of Annuity Factor =+(1-(1+8.2%/12)^(-15*12))/(0.082/12) =103.3876

Monthly Payment =165000/103.3876=1595.94