What will the loan balance be at the end of year five

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Reference no: EM132007444

You have a reverse mortgage with a balance that cannot exceed $750,000. The property is currently valued at $1,700,000. Monthly payments are to be made for 180 months at an interest rate of 11 percent. What are the monthly payments? What will the loan balance be at the end of year five?

Reference no: EM132007444

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