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Mathematics, 30.01.2020 10:01 lailahussain99
John anderson bought a home with a 10.5% adjustable rate mortgage for 30 years. he paid $9.99 monthly per thousand on his original loan. at the end of 5 years, he owes the bank $55,000. now that interest rates have gone up to 12.5%, the bank will renew the mortgage at this rate or john can pay $55,000. john decides to renew and will now pay $10.68 monthly per thousand on his loan. (you can ignore the small amount of principal that has been paid.)
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John anderson bought a home with a 10.5% adjustable rate mortgage for 30 years. he paid $9.99 monthl...
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