You apply for a mortgage loan on a $450,000 condo using 80% loan-to-value. Going interest rates are

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You apply for a mortgage loan on a $450,000 condo using 80% loan-to-value. Going interest rates are 5.25%, but after thoroughly surfing the net, you find a lender to grant you a loan at 4.75%. and jump on it. It’s a 30-year loan paid monthly.

How much cash flow would you save during the first 10 years of the loan now that you’ve found the lower interest rate?

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Personal Finance

ISBN: 978-1133595830

12th edition

Authors: Thomas Garman, Raymond Forgue

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Posted Date: Jun 21, 2023 11:38 AM

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You apply for a mortgage loan on a $450,000 condo using 80% loan-to-value. Going interest rates are

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SOLUTION To calculate the cash flow savings over the first 10 years of the loan we need to compare t... View the full answer

Personal Finance

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