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Javier just bought a condominium in College-town, USA. His $100,000 mortgage is 10% compounded monthly, and Javier will make monthly payments on his loan for
Javier just bought a condominium in College-town, USA. His $100,000 mortgage is 10% compounded monthly, and Javier will make monthly payments on his loan for 35 years. In addition, property taxes and title insurance amount to $350 per month. a. What is the total mortgage-related amount of Javier's monthly condo payment? b. Assume that Javier's total monthly expenses for his condominium are as follows: maintenance expenses are $350, utilities expenses are $300, condo homeowner association fees are $200. What are Javier's total monthly expenses? c. If Javier qualifies for a 15-year mortgage having an APR of 6.0% compounded monthly, what will his monthly mortgage payment be there will be 180 payments)? a. The total mortgage-related amount of Javier's monthly condo payment is 5 (Round to the nearest dollar.) b. Javier's total monthly expenses are (Round to the nearest dollar.) C. Javier's monthly mortgage payment will be 5. (Round to the nearest dollar.)
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