What would the monthly payments be on a $150,000 loan if the mortgage were set up as:
Question:
What would the monthly payments be on a $150,000 loan if the mortgage were set up as:
a. A 15-year, 6% fixed-rate loan?
b. A 30-year adjustable-rate mortgage in which the lender adds a margin of 2.5 to the index rate, which now stands at 4.5%?
Find the monthly mortgage payments for the first year only?
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Heres an estimate of the monthly payments for the scenarios you described a 15year 6 fixedrate loan ...View the full answer
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Related Book For 
Personal Financial Planning
ISBN: 9781439044476
12th Edition
Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley
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