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What will pay as monthly mortgage payments

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Point 1: You have secured a loan from your bank for two years to build your home. The terms of the loan are that you will borrow $175,000 now and an additional $125,000 in one year. Interest of 9 percent APR will be charged on the balance monthly. Since no payments will be made during the 2-year loan, the balance will grow. At the end of two years, the balance will be converted to a traditional 20-year mortgage at an interest rate of 7 percent.

Question 1: What will pay as monthly mortgage payments (principal and interest only)? (Do not round intermediate calculations and round your final answer to 2 decimal places.)

Reference no: EM132487956

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