price of the property is $1,950,000 down payment - should be 20% interest rate - use the
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Question:
- price of the property is $1,950,000
- down payment - should be 20%
- interest rate - use the current 30-year Fixed Rate Mortgage which is 2.90
- PMT frequency - monthly
Address the following:
- What was the overall amount of interest paid over the term of the loan?
- Change multiple variables (such as interest rate, down payment) and describe the impact of each.
- In your analysis, what variable played the biggest role on the total amount paid on the loan amount over the life of the mortgage? Be creative, you can even prepay throughout the life of the mortgage.
- After doing this exercise, would you be changing anything in your current mortgage or maybe future mortgage?
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