Suppose that you are ready to purchase your first house after college, and as a responsible...
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Suppose that you are ready to purchase your first house after college, and as a responsible and money educated person, you have 20% for a down payment on the house and you get a 15 year fixed loan at 2.65% interest. You find a house to purchase for $420,000 in Natomas (North Sacramento). (a) How much will the mortgage be for? (After you put down your 20%) (b) How much will the monthly payment on the mortgage? (c) After 10 years of full payments, how much money have you paid? (d) After 10 years of full payments, how much is still due on the mortgage? Suppose that you are ready to purchase your first house after college, and as a responsible and money educated person, you have 20% for a down payment on the house and you get a 15 year fixed loan at 2.65% interest. You find a house to purchase for $420,000 in Natomas (North Sacramento). (a) How much will the mortgage be for? (After you put down your 20%) (b) How much will the monthly payment on the mortgage? (c) After 10 years of full payments, how much money have you paid? (d) After 10 years of full payments, how much is still due on the mortgage?
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Cost of house 420000 Interest rate 265 Time of mortgage payment 15 years Down payment 20 of the cost ... View the full answer
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