Harriet Marcus 4:40 is Page 409 15-14. Harriet Marcus is...
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Finance
Harriet Marcus
4:40 is Page 409 15-14. Harriet Marcus is concerned about the financing of a home. She saw a small cottage that sells for $50,000. If she puts 20% down, what will her monthly payment be at (a) 25 years, 111% (b) 25 years, 12% (c) 25 years, 13%; and (d) 25 years, 15%? What is the total cost of interest over the cost of the loan for each assumption? (e) What is the savings in interest cost between 11% and 15%? (f) If Harriet uses 30 years instead of 25 for both 11% and 15%, what is the difference in interest? LU 15-1(2,3) FedPrimeRate.com 15.15
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