Question
You would like to buy a house for $1,000,000. You put $200,000 down, and then get a mortgage for the rest at 4%, compounded monthly.
You would like to buy a house for $1,000,000. You put $200,000 down, and then get a mortgage for the rest at 4%, compounded monthly.
a) What is the difference in the monthly payment and
b) total amount of payments if you amortize the loan over 30 years vs. 15 years?
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Fundamental accounting principle
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
21st edition
1259119831, 9781259311703, 978-1259119835, 1259311708, 978-0078025587
