Question
QUESTION 12 You take out a mortgage to buy a house worth $400,000. The down payment is 10%, the annual interest rate is 4.5%,
QUESTION 12 You take out a mortgage to buy a house worth $400,000. The down payment is 10%, the annual interest rate is 4.5%, the term of the mortgage is 30 years, and payments are monthly. What are your monthly payments? O a. $1,432 O b. $1,528 O c. $1,623 O d. $1,719 O e. $1,824
Step by Step Solution
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To calculate the monthly mortgage payment you can use the formula for a fixedrate mortgage which is M P times frac r1rn 1rn 1 Where M is the total mon...
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Personal Finance
Authors: Thomas Garman, Raymond Forgue
12th edition
9781305176409, 1133595839, 1305176405, 978-1133595830
