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Question - Mortgage is taken out by Nick Klonowski to buy a new house for $400,000 over 30 years. Nick makes no down payment, borrowing the full amount of $400,000 at a fixed rate of8 percent compounded monthly. Payments are made at the end of the month starting at the end of the first month.

Required -

(a) What is the monthly payment?

(b) What is the future value of the corresponding payments in 30 years?

(c) If the loan fees were embedded in the payment installments so that at a rate of 7.8% for the mortgage you still pay an APR of 8%, what are the loan fees in today's dollars?

Reference no: EM132801584

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