Your friends suggest that you take a 15-year mortgage because a 30-year mortgage is too long and

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Your friends suggest that you take a 15-year mortgage because a 30-year mortgage is too long and you will pay a lot of money on interest. If your bank approves a 15-year, $800,000 loan at a fixed nominal interest rate of 10% (APR), then the difference in the monthly payment of the 15-year mortgage and 30-year mortgage will be$_______?

(Note: Round the final value of any interest rate in percentage form to four decimal places.)

Related Book For answer-question

Foundations of Financial Management

ISBN: 978-1259024979

10th Canadian edition

Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen, Doug Short, Michael Perretta

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Posted Date: Jun 22, 2023 06:47 AM

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Your friends suggest that you take a 15-year mortgage because a 30-year mortgage is too long and

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For the 15year mortgage Loan amount 800000 Interest rate 10 per annum Loan term 15 years 180 months ... View the full answer

Foundations of Financial Management

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