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Assume you want to purchase an $800,000 home. You wish to put 20% down in order to avoid paying PMI (private mortgage insurance). You would
Assume you want to purchase an $800,000 home. You wish to put 20% down in order to avoid paying PMI (private mortgage insurance). You would like a 30-year fixed mortgage. The broker quotes you an annual rate of 4.8%, to be paid in monthly installments. What will be your monthly payment? What will be your twentieth months interest payment? What will be your twentieth months principal payment? What will be the remaining principal balance after the twentieth months payment?
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