a) 7.25% b) 20.00% c) 8.186% d) 18.75% You are looking to purchase a...
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a) 7.25%
b) 20.00%
c) 8.186%
d) 18.75%
You are looking to purchase a new home. Your annual income is $60,000 and the home is priced at $320,000. You anticipate taking out a loan of $256,000. You are talking to a lender about a 7.25% interest rate loan that amortizes over 30 years. Using the Mortgage Constant chart attached to this question, what is your mortgage constant? Fantin \& Gorga Constant Chart Example: $1,000,000 loan, 6% interest rate, 30 year amartization results in a monthly payment of $5,995.83($1,000,0007.195%; 12=$5,995,83) 12=$5,995.83)
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