Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. mortgage lenders base the mortgage interest rate t

Mortgage lenders base the mortgage interest rate they offer you on your credit rating. This...

70.2K

Verified Solution

Question

Accounting

Mortgage lenders base the mortgage interest rate they offer you on your credit rating. This makes it financially critical to maintain a credit score of 740 or higher. How much more interest would you pay on a $187,000 home if you put 20% down and financed the remaining with a 30-year mortgage at 6% interest compared to a 30-year mortgage at 3.5% interest? (Do not round intermediate calculations. Round your answer to the nearest cent.)

Answer & Explanation Solved by verified expert
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!
Become a Member

Other questions asked by students

Finance
1.2K views

Compute the IRR static for Project E. The appropriate cost of capital is 7 percent. (Do...

General Management
1.2K views

Over the past few weeks, you have become more familiar with your staff and are beginning...

Biology
1.2K views

Which of the following is not involved in the step that occurs between glycolysis and...

Physics
1.2K views

hollow cylinder has length radius r and thickness d where r d and is made...

Geometry
1.2K views

The Vertices of a triangle are at 0 0 8 8 and 5 11 What...

Calculus
1.2K views

An interior designer wants to decorate a newly constructed house. The function f(x) = 36x-150...

Calculus
1.2K views

Let h(x) = f(x) g(x) and j(x) = f(x)/g(x)x ...

Calculus
1.2K views

1 Find all solution in 0 2x a cos2x sinx 1 b cos x 2...

Accounting
1.2K views

1. Discuss the nature and use of notes receivable and how to calculate related interest....

Accounting
1.2K views

Using the straighttine method, depreciation expense for 2025 and the bookvolue of December 31.2025 would...

Accounting
1.2K views

Jordan Boot Company sells men's, women's, and children's boots. For each type of boot sold,...

Finance
1.2K views

Minion, Inc., has no debt outstanding and a total market value of $296,400. Earnings before...