Question
You just bought a house and have taken out a 20-year $150,000 mortgage to be paid monthly over the life of the loan. You negotiated
You just bought a house and have taken out a 20-year $150,000 mortgage to be paid monthly over the life of the loan. You negotiated for a 9% APR on the mortgage.
What is the APY that is equivalent to this 9% APR?
What is your monthly mortgage payment?
To bring down your monthly payments, the lender has agreed to extend you a 30-year mortgage, but the APR must then be 10%. What is your new monthly payment?
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The Sterling Bonds And Fixed Income Handbook
Authors: Mark Glowrey
1st Edition
0857190423, 978-0857190420
