You are buying a $100,000 home with a 30 – year mortgage requiring payments to be made at the end of each year. The interest rate is 10% for the first 15 years of the mortgage but then increases to 15% for the last 15 years. How much will your annual payments be?

Answer rating: 100% (QA)

To calculate the annual payments for a mortgage with changing interest rates you can use the concept ... View the full answer