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If this is too many questions, just try to solve 1 Normal No Spa Head n 1. A lender is offering you a $150,000 30-year
If this is too many questions, just try to solve 1
Normal No Spa Head n 1. A lender is offering you a $150,000 30-year Fixed-Rate Mortgage (FRM) at 4.82% What is your monthly payment over the life of the loan? 2.You decide to originate the loan in Problem #1, but move at the end of 10 years. What is the remaining balance you owe the bank given the due-on-sale clause? 3. You decide to originate the loan in Problem #1. How much interest on the loan will you pay during the loan's first 12 payments? 4. For originating the loan in Problem #1, you agree to pay the lender 1.5 points. A.) How much in origination fees do you owe the lender? B.) What is the Annual Percentage Rate (APR) of the loan? C.) What is your effective borrowing cost (EBC) if you plan to move in 8 years? "pro tip: enter variables to solve for PMT like #1 again (right now your cales storing #s from prob B)
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