Suppose you want to buy a house for $620,000 and you have $80,000 in savings you can
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Question:
Suppose you want to buy a house for $620,000 and you have $80,000 in savings you can use as a down payment.
The rest you finance with a 5-year mortgage (monthly payments) with a quoted interest rate of 3.5% (APR).1
Assume that this mortgage is amortized over 20 years. (1 Mortgage rates are compounded semi-annually.)
What are the monthly payments over the 5-year term of the mortgage?
The solution said we need to find EAR then EMR, why we need to find EMR after find EAR?
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