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MBA,MCS,M.phil
Devry University
Jan-2008 - Jan-2011
MBA,MCS,M.Phil
Devry University
Feb-2000 - Jan-2004
Regional Manager
Abercrombie & Fitch.
Mar-2005 - Nov-2010
Regional Manager
Abercrombie & Fitch.
Jan-2005 - Jan-2008
You have just purchased a home by borrowing $400,000 for 30-years at a fixed APR of 3.87%. What is the monthly mortgage payment?
(Hint: A mortgage is just an annuity where the borrowed amount is the present value of the annuity.
So, use the annuity formula, but solved for the cash flow in terms of the present value:
CF = PV×R/k1-(1+R/k)-T×k)
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