A mortgage of $173,000 is to be repaid by making payments of $996 at the end of each month f interest is 4 00% per anum compounded sees-annually, what is the term of the mortgage? State your answer in years and months om 0 to 11 months) The term of the morgage is year(s) and month(s)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter7: Using Consumer Loans
Section: Chapter Questions
Problem 7FPE: Calculating interest and APR of installment loan. Assuming that interest is the only finance charge,...
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Amortgage of $173,000 is to be repaid by making payments of $990 at the end of each month if interest is 4 03% per annum compounded semi-annually, what is the term of the mortgage? State your answer in c
years and months (hrom 0 to 11 months)
The term of the mortgage is year(s) and month(s)
Transcribed Image Text:Amortgage of $173,000 is to be repaid by making payments of $990 at the end of each month if interest is 4 03% per annum compounded semi-annually, what is the term of the mortgage? State your answer in c years and months (hrom 0 to 11 months) The term of the mortgage is year(s) and month(s)
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