If you could pay for your mortgage forever, how much would you have to pay per month

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If you could pay for your mortgage forever, how much would you have to pay per month for a $1,000,000 mortgage, at a 6.5% annual interest rate? Work out the answer:

(a) If the 6.5% is an APR and

(b) If the 6.5% is an effective annual rate of return.

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Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Question Posted: Sep 19, 2013 04:23 AM

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If you could pay for your mortgage forever, how much would you have to pay per month

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