You finally found your dream home. The selling price is $640,000; you will put $64,000...
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You finally found your dream home. The selling price is $; you will put $ down and obtain a year fixed rate mortgage at APR for the balance of the loan. This is an amortized loan. Assume that monthly payments begin in one month. i What will each monthly payment be ii In the th payment, what is portion that goes into loan repayment? iii Although it is a year mortgage, you plan to repay the loan by making an additional payment each month along with your regular payment. How much extra must you pay each month if you wish to pay off the loan in years?
You finally found your dream home. The selling price is $; you will put $ down and obtain
a year fixed rate mortgage at APR for the balance of the loan. This is an amortized loan. Assume
that monthly payments begin in one month.
i What will each monthly payment be
ii In the th payment, what is portion that goes into loan repayment?
iii Although it is a year mortgage, you plan to repay the loan by making an additional payment each
month along with your regular payment. How much extra must you pay each month if you wish to pay
off the loan in years?
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