Question
Wally Bee purchased a new home for $550,000 with a $90,000 down payment. He financed the remainder with a 3% mortgage for 30 years. If
Wally Bee purchased a new home for $550,000 with a $90,000 down payment. He financed the remainder with a 3% mortgage for 30 years.
If Wally had originally planned on using a 15 year mortgage (also at 3%), how much would Wally save in interest expense compared to the 30 year mortgage?
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Financial Analysis With Microsoft Excel 2016
Authors: Timothy R. Mayes, Todd M. Shank
8th Edition
1337298042, 9781337298049
