You purchase a mobile home and lot for $15,000. You rent the home for $600 and keep half after expenses and vacancy. If the mobile home only lasted for 7 years and you lost the lot, what would be your return?
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Answer for 11/18/2013 problem:
(I=2.58%,PV=176,000,PMT= -750, FV=0) N=326.98
Use amortization function to find balance at 120 months = $125,189.17
(N=120,I=2.58%,PV=176,000,PMT= -750) FV = $125,189.25