Question
you wish to purchase a real property. the lender will give you $145,000 fixed-rate, 30-year mortgage at 7.5%, 3 discount points, monthly payments. Suppose that,
you wish to purchase a real property. the lender will give you $145,000 fixed-rate, 30-year mortgage at 7.5%, 3 discount points, monthly payments. Suppose that, before you make any payments, you receive a pay raise so you can pay an extra $100 per month with your normal payment. How many payments are required to fully amortize the loan assuming the extra $100 is paid each month?
Step by Step Solution
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There are 3 Steps involved in it
Step: 1
To determine the number of payments required to fully amortize the loan we need to calculate the mon...
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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
