Question
Terence and Bradley are both buying new homes. Each of their homes are being purchased for $350,000 and each are putting down 20%. Terence is
Terence and Bradley are both buying new homes. Each of their homes are being purchased for $350,000 and each are putting down 20%.
- Terence is getting a 30-year mortgage for 5.5%
- Bradley's 30-year mortgage is 4.75%
What are each of their payments? In the space below, please indicate all of the following variables:
Terrence's mortgage
- PV
- FV
- Rate
- Periods
- Payment (monthly)
- Total payments over the life of the loan
- Interest paid over the life of the loan
Bradley's mortgage
- PV
- FV
- Rate
- Periods
- Payment (monthly)
- Total payments over the life of the loan
- Interest paid over the life of the loan
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International Finance Theory and Policy
Authors: Paul R. Krugman, Maurice Obstfeld, Marc J. Melitz
10th edition
978-0133425895, 133425894, 978-0133423631, 133423638, 978-0133423648
