You need a 20-year, fixed-rate mortgage to buy a new home for $380,378.10. Your mortgage bank...
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You need a 20-year, fixed-rate mortgage to buy a new home for $380,378.10. Your mortgage bank will lend you the money at a 7.78 percent APR for this 20-month loan, with interest compounded monthly. If you pay the mortgage according to the loan agreement (no early payment or refinancing), how much total interest would you pay on this loan, ignoring any other fees, if any? You need a 20-year, fixed-rate mortgage to buy a new home for $380,378.10. Your mortgage bank will lend you the money at a 7.78 percent APR for this 20-month loan, with interest compounded monthly. If you pay the mortgage according to the loan agreement (no early payment or refinancing), how much total interest would you pay on this loan, ignoring any other fees, if any?
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To calculate the total interest you would pay on this 20year fixedrate mortgage we need to determine ... View the full answer
Related Book For
Fundamentals Of Corporate Finance
ISBN: 9781265553609
13th Edition
Authors: Stephen Ross, Randolph Westerfield, Bradford Jordan
Posted Date:
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