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1 question with multiple parts. Need assistance. A. if you qualified for home mortgage of $425,000. What will your monthly payment be if the annual
1 question with multiple parts. Need assistance.
A. if you qualified for home mortgage of $425,000. What will your monthly payment be if the annual interest rate is 5.5%, It's fixed for 30 years and compounded monthly. B. it took you three months to find a home and the rate change, if the rate increased by 0.5 and the new rate is 6% your monthly payment cannot change from scenario A how much is the max new loan you can obtain for 30 years fixed compounded monthly? C. it took you three months to find a home and the rate change, if the rate decreased by 0.5 and the new rate is 5% your monthly payment cannot change from scenario A how much is the max new loan you can obtain for 30 years fixed compounded monthly? D. what is the tradeoff between 0.5 % in the rate and loan amount? (Your answer would be each 0.5% in rate is equivalent to $.............. in loan amount) Step by Step Solution
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