What is the monthly payment for mortgage
Course:- Business Economics
Reference No.:- EM132281273

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You apply for a $240,000 15-year mortgage (monthly payment). Based on your credit standing, the appropriate annual rate is 3.576%. However, you are steered into a loan with an annual interest rate of 4.576%.

a. What is the monthly payment for your mortgage if the annual interest rate is 3.576%

b. What is the monthly payment for your mortgage if the annual interest rate is 4.576%

c. How much more interests will you pay over the life of the mortgage if you are charge 4.576% rather than 3.576%?

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