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Obtain a 30-year home mortgage

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You obtain a 30-year home mortgage and your monthly payment is $3000.00. Instead of paying monthly as required, you ask the bank to allow you to pay $36,000 at the end of each year; the bank rejects that idea but says you could pay $36,000 at beginning of each year. Why does the bank reject your proposal and would you accept the bank's suggestion?

Reference no: EM133131701

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