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A midcareer professional couple is interested in purchasing a new home costing $750,000. They can afford a 20 percent, or $150,000, down payment, leaving $000,000
A midcareer professional couple is interested in purchasing a new home costing $750,000. They can afford a 20 percent, or $150,000, down payment, leaving $000,000 to be borrowed, a loan in the "jumbo" category. They prefer to have a conventional loan, and one lender has offered a 30-year loan at 0.9932 percent with no points and no other closing costs. What is the amount of the monthly payment? $ _________ Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is plusminus 3%. If, immediately after the one hundred twentieth payment (10 years), the professional couple decides to sell the house, what will be the unpaid balance on the loan? $ _________ Carry all interim calculations to 5 decimal places and then round your final answer to the nearest dollar. The tolerance is plusminus 3%. Determine the effective annual Interest rate for the loan. _________% Carry all interim calculations to5 decimal places and then round your final answer to 1 decimal place. I he tolerance is plusminus 0.2. Determine the APR. _________% Carry all interim calculations to 5 decimal places and then round your final answer to 1 decimal place. The tolerance is plusminus 0.2
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