2. If you take out a $200,000, 15 year mortgage for a house that has an...

 

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2. If you take out a $200,000, 15 year mortgage for a house that has an annual interest rate of 6.0%, a. What will your monthly payment be? b. What will be the total cost of financing if you pay off the loan as scheduled? c. If you make your required payments each month then win the lottery at the end of year 10, what would it cost you to pay off the house immediately at that point? 2. If you take out a $200,000, 15 year mortgage for a house that has an annual interest rate of 6.0%, a. What will your monthly payment be? b. What will be the total cost of financing if you pay off the loan as scheduled? c. If you make your required payments each month then win the lottery at the end of year 10, what would it cost you to pay off the house immediately at that point?

Answer rating: 100% (QA)

Here we take out a loan and thus we already have the money whose present value or discounted value i... View the full answer