Solution-Determining the annual percentage rate

Determining the annual percentage rate

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Reference no: EM131074303

You want to buy an apartment in Versailles, which costs 700,000 euros. You can put 300,000 euros down, and for the rest you get a 20-year fixed rate mortgage from your bank. The annual percentage rate is 5% per year, compounded monthly. How big is your monthly payment? You assume that there are no other taxes and fees involved.

Reference no: EM131074303

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Determining the annual percentage rate

Reference no: EM131074303

Reference no: EM131074303

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