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1. My wife wants us to purchase a rental house at the beach in Delaware, where we like to go periodically. We would need to
1. My wife wants us to purchase a rental house at the beach in Delaware, where we like to go periodically. We would need to borrow approximately $200,000.00 to make the deal. We can get a loan from a local Credit Union. It be a $200,000 loan, but we must pay a S2500 not processing fee, and we must purchase stock in the amount of $1000.00 which earns nothing (but we get it back at the end of the loan period In addition, we would also incur a $1,000 not refundable appraisal fee (all of these would be withheld from the loan proceeds The annual interest rate offered would be 4.6%, and we would make payments for15 years until the loan is paid off. a. Calculate the Monthy payment on the 200,000 loan at 4.6% annual interil 1. My wife wants us to purchase a rental house at the beach in Delaware, where we like to go periodically. We would need to borrow approximately $200,000.00 to make the deal. We can get a loan from a local Credit Union. It be a $200,000 loan, but we must pay a S2500 not processing fee, and we must purchase stock in the amount of $1000.00 which earns nothing (but we get it back at the end of the loan period In addition, we would also incur a $1,000 not refundable appraisal fee (all of these would be withheld from the loan proceeds The annual interest rate offered would be 4.6%, and we would make payments for15 years until the loan is paid off. a. Calculate the Monthy payment on the 200,000 loan at 4.6% annual interil
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