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For what rate of interest and house cost payment be

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Question - Daniel is planning to buy a house on a thirty-year mortgage plan. He expects the interest rate which is presently at 2% may shoot up - in increments of 25 basis points - perhaps even to 6.00%. He is planning on a house that can cost anywhere from $400,000 to $600,000 in increments of $1000. Assume that there is no down payment. For what rate of interest and house cost will his monthly payment be $2864?

Reference no: EM133038775

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