Roman paid $68,800 as a down payment towards an apartment purchase and receive nortgage from a bank for the remaining amount; he is to pay $6,560 at the end of ev nonth for 21 years at an interest rate of 3.34% compounded monthly to repay the m ) What was the purchase price of the apartment? $ ) What was the total amount Roman paid over the 21-year period to repay the mort How much interest was charged on the mortgage? $
Roman paid $68,800 as a down payment towards an apartment purchase and receive nortgage from a bank for the remaining amount; he is to pay $6,560 at the end of ev nonth for 21 years at an interest rate of 3.34% compounded monthly to repay the m ) What was the purchase price of the apartment? $ ) What was the total amount Roman paid over the 21-year period to repay the mort How much interest was charged on the mortgage? $
Chapter4: Time Value Of Money
Section: Chapter Questions
Problem 25PROB
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Transcribed Image Text:Roman paid $68,800 as a down payment towards an apartment purchase and received a
mortgage from a bank for the remaining amount; he is to pay $6,560 at the end of every
month for 21 years at an interest rate of 3.34% compounded monthly to repay the mortgage.
a) What was the purchase price of the apartment? $
b) What was the total amount Roman paid over the 21-year period to repay the mortgage? $
c) How much interest was charged on the mortgage? $
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