Question
A borrower receives a fully amortizing 30-year fixed rate mortgage with the following characteristics: 80% loan-to-value ratio, purchase price of home $250,000, interest rate=4.25%. How
A borrower receives a fully amortizing 30-year fixed rate mortgage with the following characteristics: 80% loan-to-value ratio, purchase price of home $250,000, interest rate=4.25%. How much will the borrower pay in interest over the life of the loan if it is held until maturity (no prepayment).
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- $154,197
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- $250,000
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- $255,000
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- $318,750
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- $354,197
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Personal Finance
Authors: Jack Kapoor, Les R. Dlabay, Robert J. Hughes
2nd Edition
0256079056, 9780256079050
