Your sisters Rebecca and Debra each just bought a house. Each sister paid $750,000 for the house.
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Your sisters Rebecca and Debra each just bought a house. Each sister paid $750,000 for the house. Each sister had a down payment of $200,000. Each sister got a mortgage with a 5 year term and a 25 amortization period. The rate on each mortgage was 2.2% compounded semi-annually. Payments will be made monthly.
- What is the amount of the monthly payment?
- How much will each sister pay during the 1st months of the mortgage?
- Debra has decided to increase her monthly payments by $500 per month. How long will it take Debra to pay off her mortgage? How much will Debra pay in interest over the life of the mortgage?
- How much will Rebecca pay in interest over the life of the mortgage?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: