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How much should he be willing to pay

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Question - William Kimilu borrows Sh.7, 000,000 at 12% interest rate toward the purchase of a new house. His mortgage is for 30 years.

i) How much will his annual payments be?

ii) How much interest will he pay over the life of the loan?

iii) How much should he be willing to pay to get out of a 12% mortgage and into a 10% mortgage with 30 years remaining on the mortgage?

Reference no: EM133022982

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