Question
1. You bought a house a year ago for $250,000, borrowing $200,000 at 4% on a 30-year term loan (with monthly payments). Ignore tax effects.
1. You bought a house a year ago for $250,000, borrowing $200,000 at 4% on a 30-year term loan (with monthly payments). Ignore tax effects.
a. How much are your monthly payments on your current loan (at 10%)?
b. How much was your first month interest expense?
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Contemporary Financial Management
Authors: R. Charles Moyer, James R. Mcguigan, William J. Kretlow
9th Edition
032416470X, 9780324164701
