Question
1) You decide to get an adjustable-rate 30-year mortgage ($240,000). The interest rate is fixed at 4% for the first five years. After seven years
1) You decide to get an adjustable-rate 30-year mortgage ($240,000). The interest rate is fixed at 4% for the first five years. After seven years the interest rate goes up to 10% and your loan balance is $206,542.73.
Estimate your first mortgage payment.
Estimate your eighty-fifth (after seven years) mortgage payment.
Estimate the perentage change in payment.
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Foundations In Personal Finance
Authors: Dave Ramsey
1st Edition
0981683967, 978-0981683966
