Question

In: Finance

You borrow $325,000 to buy a home using a 30-year mortgage with an interest rate of...

You borrow $325,000 to buy a home using a 30-year mortgage with an interest rate of 3.75 percent and monthly payment. Calculate the monthly payment amount. Disregard property taxes and mortgage insurance.

Group of answer choices

$1,505.13

$1,489.25

$1,417.08

$1,572.46

This morning, you took out a loan of $386,000 to purchase a home. The interest rate on the 30-year mortgage is 3.75 percent and you will make monthly payment. You have decided to make additional monthly payment of $360 beginning with the first payment that will occur one month from today. By how many years will you shorten the length of time it will take you to pay off the loan?

Group of answer choices

7.97 years

11.06 years

9.33 years

12.84 years

Solutions

Expert Solution

jeff jeffy answered 1 year ago
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