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Johnathan took a mortgage to finance 80% of his new house, valued at $1,000,000. The mortgage is for 30 years at an interest rate of
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Johnathan took a mortgage to finance 80% of his new house, valued at $1,000,000. The mortgage is for 30 years at an interest rate of 3.48%. What is Johnathans monthly payment?
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a. What is the monthly payment on a $100,000 15-year level-pay mortgage at an interest rate of 6%? b. What is the interest component of the monthly payment after five years? (hint: first find the remaining balance on the loan after 5 years)
Johnathan took a mortgage to finance 80% of his new house, valued at $1,000,000. The mortgage is for 30 years at an interest rate of 3.48%. What is Johnathans monthly payment?
a. What is the monthly payment on a $100,000 15-year level-pay mortgage at an interest rate of 6%? b. What is the interest component of the monthly payment after five years? (hint: first find the remaining balance on the loan after 5 years)
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