Description of this paper

Bob & Kate are purchasing a new home. The house t...

Description

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Question

Bob & Kate are purchasing a new home. The house they?ve selected has a price of $350,000. The mortgage interest rate is currently 5% (regardless of the option they pick below). They are considering several options: ? For maturity, they are considering both 20 year and 30 year amortizations. ? For down payments they are considering either 10% or 20%. 1. Calculate the amount of their monthly mortgage payment under each of the alternatives. Downpayment Amortization Period (years) 10% 20% 20 30,The answer is attached and doesn't correspond. Can you help me figure this out by today.,For this one I am a little confused. I did not think we were supposed to use the "$350,000" value. It's either used $315K (10% off due to downpayment) or $280 (20% off due to downpayment). What do you think?

 

Paper#11855 | Written in 18-Jul-2015

Price : $25
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