You want to take out a $304,000 mortgage (home loan). The interest rate on the loan is 4%, and the loan is for 30 years. Your monthly payments are $1,451.34. How much will still be owed after making payments for 15 years? Round your answer to the nearest dollar.

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Q: You take out a 30-year $100,000 mortgage loan with an APR of 6% and monthly payments. In 12 years…

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Q: You want to buy a $255,000 home. You plan to pay 5% as a down payment, and take out a 30 year loan…

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Q: How much would you need to deposit in the account each month?

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A: given, p = $100,000 r = 5% m = 12 n = 30

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Q: Suppose you take a 30-year fixed-rate mortgage loan for $600,000 with a mortgage rate of 6%.

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Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.