Imagine that a 30 year mortgage loan for 100,000 was written for 3.00% APR. The...
60.1K
Verified Solution
Link Copied!
Question
Finance
Imagine that a 30 year mortgage loan for 100,000 was written for 3.00% APR. The originator is able to sell the loan to yield 2.8% APR. Compute the profit from this loan. Round your answer to the nearest dollar and report it without the $ sign.
A 30 year mortgage loan for 100,000 has monthly payments of $400 each month. If a loan for 15 years for the same amount and the same interest rate were to be written the monthly payment will be:
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.