Which mortgage would result in higher total payments? a. Mortgage A: $970 a month for $30 years

Question:

Which mortgage would result in higher total payments?

a. Mortgage A: $970 a month for $30 years

b. Mortgage B: $760 a month for 5 years and $1005 for 25 years.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Focus On Personal Finance

ISBN: 9781265521974

7th Edition

Authors: Jack Kapoor, Les Dlabay, Robert J. Hughes, Melissa Hart

See More Books

Question Posted: Aug 26, 2013 07:05 AM

See More Questions

Which mortgage would result in higher total payments? Mortgage A: $985 a month for 30 years Mortgage B: $780 a month for 5 years and $1,056 for 25 years
A mortgage calls for monthly payments of $887.96 for 25 years. If the loan was for $135,000, calculate the semiannually compounded nominal rate of interest on the loan.
A $120,000 home mortgage for 30 years at 7 1/2% has a monthly payment of $839.06. Part of the monthly payment covers the interest charge on the unpaid balance, and the remainder of the payment...
Lungameni Enterprises (Pty) Ltd ("Lungameni Enterprises") manufactures product A, which it sells to local customers at a mark-up of 25%. Lungameni Enterprises currently absorbs its overhead costs on...
Several types of metallic coatings are used to protect steel, including zinc, lead, tin, aluminum, and nickel. In which of these cases will the coating provide protection even when the coating is...
Explain the general evolution in accounting methods that have occurred from manual to digital processes over the last 40 to 50 years. Discuss the pros and cons of past and current accounting methods....
Explain, through an example, how methods can be derived from messages.
Bath concentrations are measured hourly in a chemical process. Data (in ppm) for the last 32 hours are shown in Table 9E.4 (read down from left). The process target is µ0 = 175 ppm. (a)...
Sage Inc. experienced the following transactions for Year 1, its first year of operations: 1. Issued common stock for $100,000 cash. 2. Purchased $195,000 of merchandise on account. 3. Sold...
Keeping in view the operational definition of media skepticism you are required to provide an operational definition of Customer Satisfaction in restaurant industry. Also develop four items to...
Jumpin Jehosa Phats was incorporated on January 1, 2012 and a year later it needs $10,000,000 to expand operations. JJ Phats is the sole shareholder of the corporation. The corporation is considering...
A company purchased an oil well for $50,000. It is estimated that 100,000 barrels can be extracted from the well. What is the depletion expense assuming 30,000 barrels are extracted and sold?
Many professional certifications now have requirements for ethics training. A. Define ethics. B. Why does the accounting profession put so much emphasis on acting ethically?
Ed sends to Sax, Inc., a written order for software to be specially designed, offering a certain amount of money. If Sax does not respond, it can be considered to have accepted the offer a. after a...
A promise to do what one already has a legal duty to do is not legally sufficient consideration under most circumstances. (True/False)
Pleadings consist of a complaint, an answer, and a motion to dismiss.(True/False)
Ordinarily, ignorance of the law is a valid defense to criminal liability. (True/False)
Digit Electronics places an ad announcing a sale of its inventory at public auction. At the auction, Digits auctioneer points to a new seventy-five-inch 8K TV and asks, What am I bid for this item?...
Suggest a scenario for the origin and development of peptidyl transferase as an integral part of the ribosome.
The following table shows the rates of total return in successive years from 2004 to 2008 for the Sprott Canadian Equity Fund and for the benchmark Toronto Stock Exchange S&P/TSX Composite Index. By...
Your firm has taken out a $452,000 loan with 8.7% APR (compounded monthly) for some commercial property. As is common in commercial real estate, the loan is a five year loan based on a 15-year...
(a) What preshopping research might Gary do to select the best brand of refrigerator? (b) Using the information in Table 7-1 on page 213 or the Garman/Forgue companion website, determine Garys...
(a) Was Christopher within his rights to take the car back for repairs? Explain why or why not. (b) What logical steps might Christopher follow if he continues to be dissatisfied with the dealers...
1. Explain the purpose and value of a lease for both the renter and the landlord. 2. Distinguish between periodic tenancy and tenancy for a specific time when renting housing. 3. Identify three ways...
It is possible to form an atom out of a muon (like and electron, but with mass approximately given by 105.7 MeV/c 2 ). What would the muonic Bohr radius be? Give a numerical value, and make sure your...
Suppose you drop little balls of mass m on to a target marked on the floor. According to the uncertainty principle, the balls should not necessarily fall straight down even if you attempt to hold...
First , explain what Social Exchange Theory is and how it functions in Interpersonal Relationships. Second , describe a situation (real or hypothetical) where Social Exchange Theory is a factor in a...

Which mortgage would result in higher total payments? a. Mortgage A: $970 a month for $30 years

Question:

Step by Step Answer:

Computation of the Following a Where as Monthly payment 97000 No of year...View the full answer

Focus On Personal Finance

Students also viewed these Economics questions