AFM 461 Final: Chapter 14 summary notes Summary of chapter 14 of the textbook. Useful to look over quickly before an exam.
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16 Oct 2011
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Henry Jones intends to purchase a home unit and needs to borrowmoney from the bank. Details of the loan are as follows: |
Loan Amount $732,000 Term (years) 14 Annual InterestRate 5.00% The loan is repaid using Monthly instalments. At the end of the sixth year, just after paying the 72ndinstalment due at that time, Henry has a windfall and isconsidering paying out the loan. |
Required:
How much money would be required to discharge the loan at theend of the 6th year?