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Unformatted text preview: 4.750 % -1.625 % ($1,625.00) i) Using the above table, calculate the payment for a $200,000 Mortgage for 30 years at 4.375%? Why is this rate the market rate? ii) Calculate the payment if the rate was 4.250%? iii) Determine the monthly saving at the lower rate. Calculate cost to obtain a 4.250% loan? iv) If you make the payment at the market rate for 5 years, what would be the remaining balance on your mortgage...
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This note was uploaded on 02/22/2012 for the course MANEC 453 taught by Professor Jerrynelson during the Winter '10 term at BYU.
- Winter '10