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Help please, no excel 4-33 Abby and Jason are building a new house. They obtained a construction loan of $100,000, which will be rolled over
Help please, no excel
4-33 Abby and Jason are building a new house. They obtained a construction loan of $100,000, which will be rolled over into a conventional 20-year mortgage when the house is completed in 14 months. Simple interest of 1/2% per month will be charged on the construction loan. The 20-year mortgage will carry a 6% interest rate with monthly payments. What is the monthly payment that Abby and Jason will make? If they make each payment as scheduled for the life of the 20-year mortgage, how much total interest will they pay on the house? Contributed by Ed Wheeler University of Tennessee at Martin 4-37 4-34 Terry henaht Step by Step Solution
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