Question
Will has a 34-year mortgage on a $130,000 loan for his house in Florida. The interest rate on the loan is 4.8% per year (nominal
Will has a 34-year mortgage on a $130,000 loan for his house in Florida. The interest rate on the loan is 4.8% per year (nominal interest), payable monthly at 0.4% per month.
a. What is Will's monthly payment?
b. If Will doubles his payment from Part (a), when will the loan be completely repaid?
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
