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Your parents want to buy a house which costs $975,000. They are willing to put down 20% in cash and finance the rest. Wells Fargo
Your parents want to buy a house which costs $975,000. They are willing to put down 20% in cash and finance the rest. Wells Fargo has agreed to give them a 30-year fixed rate mortgage at 6.5% APR paid monthly. What will their monthly payment for the mortgage?
In question 1 the bank offered a 30-year fixed rate mortgage at 6.75% APR paid monthly. What is the equivalent annual rate (EAR)?
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