Buy house using a 15-year fixed mortgage. Willing to pay up to $3,000 per month in monthly mortgage payments Borrow 75% of house cost from bank Enough cash on hand to pay the remaining 25% of the house price. Monthly payments will start one month before receiving the loan and Interest 4.8% p/a compounding monthly. highest price I can pay for a house? At this price, what principal is left from the mortgage after 5 years?
Buy house using a 15-year fixed mortgage. Willing to pay up to $3,000 per month in monthly mortgage payments Borrow 75% of house cost from bank Enough cash on hand to pay the remaining 25% of the house price. Monthly payments will start one month before receiving the loan and Interest 4.8% p/a compounding monthly. highest price I can pay for a house? At this price, what principal is left from the mortgage after 5 years?
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter22: Providing And Obtaining Credit
Section: Chapter Questions
Problem 2P: Cost of Bank Loan Mary Jones recently obtained an equipment loan from a local bank. The loan is for...
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Buy house using a 15-year fixed mortgage.
Willing to pay up to $3,000 per month in monthly mortgage payments
Borrow 75% of house cost from bank
Enough cash on hand to pay the remaining 25% of the house price.
Monthly payments will start one month before receiving the loan and
Interest 4.8% p/a compounding monthly.
highest price I can pay for a house?
At this price, what principal is left from the mortgage after 5 years?
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