Question
You are interested in buying a 2-bedroom condo in Chicago. The price is $400,000. You have a 30-year 8% APR mortgage with 25% down payment.
You are interested in buying a 2-bedroom condo in Chicago. The price is $400,000. You have a 30-year 8% APR mortgage with 25% down payment. You plan not to make any prepayment. Answer the following two questions
What would be the monthly mortgage payment?
How much is the principal payment in month 1?
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Introduction To Mathematical Finance Discrete Time Models
Authors: Stanley R. Pliska
1st Edition
1557869456, 9781557869456
