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Question - You are financing a new home. The loan is for $281,000 and you are getting rate of 3.9% per year compounded monthly. You have decided on a 15 year mortgage and will make monthly payments (end of the month). To get the ball rollng, you are working extra hours and expect to pay an extra $550 per month to knock down the principle. You make these EXTRA payments for 5 years starting on month 1. The last EXTRA payment is on month 60.
Required -
1. Build the amortization table.
2. What month will you make your last payment?
3. How much will the last payment be?
an oil drilling company must choose between two mutually exclusive extraction projects and each costs 11 million. under
the accounting profession follows a set of guidelines for measurement and disclosure of financial information called
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