With the arrival of their twins, a young couple would like to sell the house where they
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Question:
With the arrival of their twins, a young couple would like to sell the house where they lived and buy a bigger house. Following several visits to the properties available on the real estate market, they choose to buy a house that costs $425,000. They must however borrow 80% of the purchase cost of the property. They sign the loan agreement with their bank knowing that the interest rate offered is 5.5% and the duration of mortgage repayment is 25 years.
a. What will their monthly repayment amount be?
b. What will their loan balance be after 12 years?
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