Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for
Question:
Based on Exhibit 9-9, or using a financial calculator, what would be the monthly mortgage payments for each of thefollowing situations?
a. $40,000, 15-year loan at 4.5 percent
b. $76,000, 30-year loan at 5 percent
c. $65,000, 20-year loan at 6 percent
What relationship exists between the length of the loan and the monthly payment? How does the mortgage rate affect the monthly payment?
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a 765 40 306 b 537 76 40812 c 7...View the full answer
Answered By
Anurag Agrawal
I am a highly enthusiastic person who likes to explain concepts in simplified language. Be it in my job role as a manager of 4 people or when I used to take classes for specially able kids at our university. I did this continuously for 3 years and my god, that was so fulfilling. Sometimes I've skipped my own classes just to teach these kids and help them get their fair share of opportunities, which they would have missed out on. This was the key driver for me during that time. But since I've joined my job I wasn't able to make time for my passion of teaching due to hectic schedules. But now I've made a commitment to teach for at least an hour a day.
I am highly proficient in school level math and science and reasonably good for college level. In addition to this I am especially interested in courses related to finance and economics. In quest to learn I recently gave the CFA level 1 in Dec 19, hopefully I'll clear it. Finger's crossed :)
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Related Book For 
Personal Finance
ISBN: 978-1259720680
12th edition
Authors: Jack R. Kapoor, Les R. Dlabay, Robert J. Hughes, Melissa Hart
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