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At the end of 2012, Prof. Finance was looking to buy a house and had $60,000 as a down payment and felt comfortable with
At the end of 2012, Prof. Finance was looking to buy a house and had $60,000 as a down payment and felt comfortable with a maximum monthly mortgage payment of $1000 on a 30-year fixed rate mortgage. The APR on a 30-year fixed rate mortgage was 3.25% (compounded monthly). Now, 30- year fixed rate mortgages are 4.5% APR. How much less house can Prof. Finance afford now vs. the end of 2012 based on the given mortgage rates assuming the same down payment?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
