To buy an $180,000 condominium, you put down $30,000 and take out a mortgage for $150,000 at
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To buy an $180,000 condominium, you put down $30,000 and take out a mortgage for $150,000 at an APR of 9% compounded monthly. Five years later, you sell the house for $205,000 (after all selling expenses are factored in). What equity (the amount that you can keep before any taxes are taken out) would you realize with a 30‐year mortgage repayment term? (Assume that the loan is paid off when the condo is sold in lump sum.)
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Given purchase price 180000 down payment sunk equity 30000 i 075 per month ...View the full answer
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