Business, 24.04.2021 09:20 NidaFurqan

You are considering purchasing a new home. The house you are looking at costs $120,000 and you plan to make a 10% down payment. You checked with a bank and they have two mortgage
loan options for you. The first is a 15-year mortgage at 6.25%. The second is a 30-year mortgage
at 6.50%.
a. What are your monthly payments for each loan?
b. What is the total you will pay over the life of the loan for each loan?
c. After one year you get a job transfer and have to sell the house. What is the payoff value of
your remaining loan balance (hint: find PV of remaining payments)?

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You are considering purchasing a new home. The house you are looking at costs $120,000 and you pla...

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