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You want to purchase a new condominium that costs $200,000. Your plan is to pay $50,000 in cash and finance $150,000 over 15 years at an APR of 4 percent with monthly compounding. a. (5 points) What will be your monthly mortgage payment? (show your work) b. (5 points) Assume the bank was willing to incorporate an ending payment of $100,000 (so called "balloon payment"). What would be the interim monthly payments? (show your work) You want to purchase a new condominium that costs $200,000. Your plan is to pay $50,000 in cash and finance $150,000 over 15 years at an APR of 4 percent with monthly compounding. a. (5 points) What will be your monthly mortgage payment? (show your work) b. (5 points) Assume the bank was willing to incorporate an ending payment of $100,000 (so called "balloon payment"). What would be the interim monthly payments? (show your work)
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Answer rating: 100% (QA)
ANSWER As calculated in above steps final answers are a 110953 b 70318 EXPLANATION a Calculatio... View the full answer
Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Posted Date:
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