Suppose you purchase a home for

Suppose you purchase a home for - $100,000 9.818 = $10,187...

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Suppose you purchase a home for $150,000. After making a down payment of $50,000, you borrow the balance through a mortgage loan at 8% for 20 years. What is the annual payment required by the mortgage?
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Unformatted text preview: $100,000 / 9.818 = $10,187 annual If you could get a loan for 25 years but had to pay 9% annually, what is the difference in the annual payments? $100,000 / 9.813 = 10,191 annual...
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This note was uploaded on 04/01/2012 for the course FINC 354 taught by Professor Gibbons-cobb during the Spring '12 term at Columbia College.

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