Monique needs a $480,000 mortgage. Her bank is offering a mortgage amortized over 25 years,...
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Finance
Monique needs a $480,000 mortgage. Her bank is offering a mortgage amortized over 25 years, compounded semi-annually with monthly payments.
Assume: (i) there are 10 years left on the mortgage; (ii) the EMR is 0.4124%; (iii) the monthly payments are $2,800 and (iv) she has made all monthly payments for the last 15 years. (Note none these assumptions are the answers to any of the question in this exam)
What will be the outstanding balance of her mortgage at the end of the 10th year?
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