Author Question: Suppose you borrowed $14,000 at a rate of8.5% and must repay it in5equal installments at the end of ... (Read 56 times)

shivanipalawai@gmail.com · **on:** Aug 7, 2023

Question 1

Suppose you are buying your first house for $260,000, and are making a $30,000 down payment. You have arranged to finance the remaining amount with a35-year, monthly payment, amortized mortgage at a 6.25% nominal interest rate. What will your equal monthly payments be?

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$1,283.84

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$1,240.88

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$1,350.28

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$1,360.98

Question 2

Suppose you borrowed $14,000 at a rate of8.5% and must repay it in5equal installments at the end of each of the next5years. How much interest would you have to pay in the first year?

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$1,025.97

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$1,190.00

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$1,126.00

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$1,080.00

ad2018 · **Reply #1 on:** Aug 7, 2023

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