In: Economics
WellsBargo offer a mortgage of $250,000 payable over 20 years
with APR of 8%. What is the annual mortgage payment?
SunBust offers a mortgage of $X also payable over 20 years with APR
of 7%. You now the yearly mortgage payment for this option is
$1,532 less than the WellsBargo option. What is the original amount
of the mortgage from SunBust?