You are thinking about buying a house in London. You find one you like that costs 1,000,000.
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You are thinking about buying a house in London. You find one you like that costs £1,000,000. You learn that, based on the value of the house and your wages, your bank will give you a mortgage for 20 years in the region of £600,000. This means that you must make a down payment of £400,000. What are some of the monetary and non-monetary opportunity costs of this purchase?
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Related Book For
3E Economics
ISBN: 9781292411019
3rd Global Edition
Authors: Daron Acemoglu, David Laibson , John List
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