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You plan to purchase a $220,000 house using a 15-year Mortgage obtained from your bank. The Mortgage rate offered to you is 4.75%. You will
You plan to purchase a $220,000 house using a 15-year Mortgage obtained from your bank. The Mortgage rate offered to you is 4.75%. You will make a down-payment of 20% of the Purchase Price.
- What Is your down-payment amount?
- Calculate your monthly payment amount for this Mortgage?
- Over the lifetime of the Mortgage, What is the Total Interest Paid on this Mortgage?
- At the end of 10-years, after 120 payments, what is the Balance amount remaining in the Mortgage?
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Investments An Introduction
Authors: Herbert B Mayo
11th Edition
1133936520, 9781133936527
