Mortgage lenders base the mortgage interest rate

Assignment Help Financial Management

Reference no: EM131545578

Mortgage lenders base the mortgage interest rate they offer you on your credit rating. This makes it financially critical to maintain a credit score of 700 or higher. How much more interest would you pay on a $205,000 home if you put 25% down and financed the remaining with a 30-year mortgage at 5% interest compared to a 30-year mortgage at 3.5% interest? (Use 360 days a year.Do not round intermediate calculations. Round your answer to the nearest cent.)

Reference no: EM131545578

Questions Cloud

Describe the political and legal systems : How much does the government intervene in the private sector? How will that affect your financial institution?

Organization to prepare for change : Describe managerial/leadership roles, skills, and strategies facilitating positive change outcomes in relation to assisting the organization

Example of the transactional leadership style : Describe an example of the transactional leadership style you have used or seen a manager use. How did the approach work?

What does it mean to call a free act right or wrong : What is it to be free? What does it mean to call someone or something 'free'? What does freedom involve, and what must be in place for it to be possible?

Mortgage lenders base the mortgage interest rate : Mortgage lenders base the mortgage interest rate they offer you on your credit rating.

Release of information and patient disclosures : As the HIM supervisor, you are asked to educate staff on key concepts related to the release of information and patient disclosures

The ethics of care and peacemaking criminology : Explain what you believe the Ethics of Care and Peacemaking Criminology presented in your textbook should mean for law enforcement professionals.

Determining the cost of capital-cost of debt : If the firm's marginal tax rate is 40%, what is the firm's after-tax cost of debt?

How do employees use falsified receiving reports : How do employees use falsified receiving reports as part of schemes to steal inventory? If you suspected someone of being involved in a kickback scheme.

User Account

All Pages