Alex Guadet of Nashville, Tennessee, has been renting a two-bedroom house for several years. He pays $900
Question:
(a) Use Table 9-4 on page 285 to calculate the monthly mortgage payment for the mortgage loan that Alex would need.
(b) How much interest would Alex pay during the first year of the loan?
(c) Use the Run the Numbers worksheet, "Should You Buy or Rent?" on page 264 to determine whether Alex would be better off buying or renting.
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