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What are the annual mortgage payments required by each loan

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Reference no: EM132763165

A homeowner has been offered three alternative mortgage loans to finance the purchase of a $300,000 house.

  • The interest rate on the first alternative is 8 percent for twenty-five years, and the loan requires a 20 percent down payment.
  • The second mortgage loan is also for twenty-five years with an interest rate of 7 percent but requires a down payment of a third of the cost of the house.
  • The third loan also requires a third down but is for 20 years at 6 percent.

Problem 1: What are the annual mortgage payments required by each loan?

Reference no: EM132763165

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