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QUESTION 27 You obtain a $400,000 loan for the purchase of your new home at an annual interest of 6.5% for 15 years. Determine: a.

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QUESTION 27 You obtain a $400,000 loan for the purchase of your new home at an annual interest of 6.5% for 15 years. Determine: a. The loan factor or mortgage constant b. Your monthly payment c. The total payment made after 15 years d. The total interest payed on the loan You decided to pay the loan in 30 years instead of 15. Repeat a through d. Is it a good idea to stretch out a mortgage payment? Explain

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