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Filippe would like to buy an apartment and he will needd to borrow $250000 to...

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Accounting

Filippe would like to buy an apartment and he will needd to borrow $250000 to pay for this. Interest will be charged at the annual percentage interest rate 3.96%. Filippe plans to repay his loan over a period 25 years. Using the rounded repayment amount, calculate the balance of the loan after 25 years.

Monthly repayment is $1314.08

Answer is $1.62

Please provide the solution.

Answer & Explanation Solved by verified expert
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