Bill has just graduated from TAMU and is tired of living in a cramped apartment. However,...
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Bill has just graduated from TAMU and is tired of living in a cramped apartment. However, by reducing housing costs while at college he managed to save enough for an $8,000 down payment on a new house he is planning to purchase now that costs $45,000. Unfortunately, Bill didn't major in business management and wants you to calculate what the payments will be, assuming that monthly payments start 1 month from now and the mortgage carries a 14% stated rate with a 30year maturity. Calculate the monthly payment. Bill has just graduated from TAMU and is tired of living in a cramped apartment. However, by reducing housing costs while at college he managed to save enough for an $8,000 down payment on a new house he is planning to purchase now that costs $45,000. Unfortunately, Bill didn't major in business management and wants you to calculate what the payments will be, assuming that monthly payments start 1 month from now and the mortgage carries a 14% stated rate with a 30year maturity. Calculate the monthly payment.
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Answer rating: 100% (QA)
To calculate the monthly mortgage payment we can use the formula for a fixedrate ... View the full answer
Related Book For
Managerial accounting
ISBN: 978-0471467854
1st edition
Authors: ramji balakrishnan, k. s i varamakrishnan, Geoffrey b. sprin
Posted Date:
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