The price of a small cabin is $70,000. The bank requires a 5% down payment. The...
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The price of a small cabin is $70,000. The bank requires a 5% down payment. The buyer is offered two mortgage options 20-year foxed at 8.5% or 30-year fixed at 8.5%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 20-year option? Find the monthly payment for the 20-year option. (Round to the nearest dollar as needed.) The price of a small cabin is $70,000. The bank requires a 5% down payment. The buyer is offered two mortgage options 20-year foxed at 8.5% or 30-year fixed at 8.5%. Calculate the amount of interest paid for each option. How much does the buyer save in interest with the 20-year option? Find the monthly payment for the 20-year option. (Round to the nearest dollar as needed.)
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MTWTFSSM TWTF The Price 7000 doun payment 3500 s of 70000 ... View the full answer
Related Book For
Finance Applications and Theory
ISBN: 978-0077861681
3rd edition
Authors: Marcia Cornett, Troy Adair
Posted Date:
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