Question
You need to borrow $250,000 for a house. Your three loan options are: 1- 10 year fixed rate mortgage at 6.3% 2- 15 year fixed
You need to borrow $250,000 for a house. Your three loan options are:
1- 10 year fixed rate mortgage at 6.3%
2- 15 year fixed rate mortgage at 6.2%
3- 30 year fixed rate mortgage at 6.1%
All three mortgages have monthly compounding and monthly payments.
Discuss what is the best option, taking into account monthly payments, total payments and interest paid.
You loan $4000 to a desperate acquaintance, charging them 150% interest compounded monthly. If they don't make any payments.
How many months does it take for them to owe you $8000 (including the original $4000 they borrowed as well as $4000 in interest)?
Step by Step Solution
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Step: 1
To determine the best mortgage option for borrowing 250000 lets calculate the monthly payments total payments and interest paid for each option Option 1 10year fixedrate mortgage at 63 Loan amount 250...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
