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What is the amount of your monthly payment

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Question - You have just made an offer on a new home and are seeking a mortgage. You need to borrow $649,000. The bank offers a 25?-year mortgage with fixed monthly payments and an interest rate of 0.52% per month. What is the amount of your monthly payment if you take this? loan?

?Alternatively, you can get a 10?-year mortgage with fixed monthly payments and an interest rate of 0.39% per month. How much would your monthly payments be if you take this loan? instead?

a. The bank offers a 25?-year mortgage with fixed monthly payments and an interest rate of 0.52% per month. What is the amount of your monthly payment if you take this? loan?

b. ?Alternatively, you can get a 10?-year mortgage with fixed monthly payments and an interest rate of 0.39% per month. How much would your monthly payments be if you take this loan? instead?

Reference no: EM132933991

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