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A typical mortgage matures in 30 years. Assume a homeowner has taken out a 100,000 mortgage on a house worth 125,000 in January 2006. The
A typical mortgage matures in 30 years. Assume a homeowner has taken out a 100,000 mortgage on a house worth 125,000 in January 2006. The average mortgage interest rate in 2006 in the US was 6.28%.
a) Find the monthly payment rate.
b) Calculate the interest and the redemption payments in the first month.
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Financial Intelligence For IT Professionals
Authors: Karen Berman, Joe Knight, John Case
1st Edition
1422119149, 9781422119143
