A 22-year old college graduate just got a job in Nashville. She is considering buying a house
Fantastic news! We've Found the answer you've been seeking!
Question:
A 22-year old college graduate just got a job in Nashville. She is considering buying a house with a $220,000 mortgage. The APR is 6% compounded monthly for her monthly mortgage payments on a 33-year fixed rate loan. If she can get her FICO score up to 750, the APR drops to 5.6%.
a) What is the monthly payment on the 6% loan?
b) What is the monthly payment on the 5.6% loan?
c) How much in interest cost will she save over the life of the loan assuming she can increase her FICO score to 750?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: