Question
1.Assume that you have purchased a new home and arranged for a mortgage in the amount of $190,000.The loan is at 4.00 percent over 30
1.Assume that you have purchased a new home and arranged for a mortgage in the amount of $190,000.The loan is at 4.00 percent over 30 years.
a.What is your monthly payment?
b.How much of the loan's principal will you pay over the first 3 years of the loan?
c.How much total interest will you pay over the last 10 years of the loan?
d.What will be your loan balance after 15 years?
e.What is the effective rate on your loan?
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Public Finance and Public Policy
Authors: Jonathan Gruber
5th edition
1464143331, 978-1464143335
