You want to buy a house, and a local bank will lend you $100,000. The loan will be fully amortized over 20 years (240 months), and the nominal interest rate will be 12% with interest paid monthly. What will be the monthly loan payment? $13,387.88 $1,101.09 $5,541.53 $12,000.00

You want to buy a house, and a local bank will lend you $100,000. The loan will be fully amortized over 20 years (240 months), and the nominal interest rate will be 12% with interest paid monthly. What will be the monthly loan payment? $13,387.88 $1,101.09 $5,541.53 $12,000.00

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 41P

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Question

You want to buy a house, and a local bank will Ilend you $100,000. The loan will be
fully amortized over 20 years (240 months), and the nominal interest rate will be 12%
with interest paid monthly.
What will be the monthly loan payment?
$13,387.88
$1,101.09
$5,541.53
$12,000.00

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