Question
A homebuyer bought a house for $245,000. The buyer paid 20 percent down but decided to finance closing costs of 4 percent of the mortgage
A homebuyer bought a house for $245,000. The buyer paid 20 percent down but decided to finance closing costs of 4 percent of the mortgage amount. If the borrower took out a 30-year fixed-rate mortgage at a 5 percent annual interest rate,
The closing cost is
a. $1,900 b. $9,009 c. $1,220 d $5,666 e. $987 f. $3,500 g. $7,840
how much interest will the borrower pay over the life of the mortgage?
a. $190,000 b. $190,093 c. $190,220 d $195,666 e. $230,987 f. $350,009 g. $278,993
FIll in the formula/inputs=
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Cost-Benefit Analysis
Authors: E.J. Mishan, Euston Quah
6th Edition
1138492752, 978-1138492752
