You borrow $150,000 with a 30year payback term and a variable APR that starts at 9% and
Question:
You borrow $150,000 with a 30‐year payback term and a variable APR that starts at 9% and can be changed every five years.
(a) What is the initial monthly payment?
(b) If, at the end of five years, the lender’s interest rate changes to 9.75% (APR), what will the new monthly payment be?
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Given P 150000 N 360 months j 075 per month a A 150000AP 075 36...View the full answer
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