Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. you have found your dream house. the selling price

You have found your dream house. The selling price is 120,000. You will put $20,000...

80.2K

Verified Solution

Question

Finance

You have found your dream house. The selling price is 120,000. You will put $20,000 down and obtain a 25-year fixed-rate mortgage at 8.75% (APR compounded semiannually) for the rest. You plan to prepay the loan by making an additional payment each month along with your regular payment. How much extra must you pay each month if you wish to pay off the load in 20 years? (Assume there is no early payment penalty).

64.17

24.56

66.34

62.21

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Write the balanced chemical equation for Dodecane and air in terms of major stable species with...

Chemistry
Q

a high pass rc filter can be changed to a low pass filter by

Mechanical Engineering
Q

Write up a full proof of the fact that every k-dimensional subspace of R^n is the...

Advance Math
Q

People around the world today can enjoy fruits such as oranges, grapes, and watermelon without...

Biology
Q

Solvelancer Test The proportionality constant in the Kepler s law of period is called as...

Physics
Q

es Rodriguez Company pays 405 405 for real estate with land land improvements and a...

Basic Math
Q

Divide 4x4 11x 3x 12 x 2x 3 Write your answer in the following form...

Calculus
Q

Find the following for the function f x 4x 3x 4 b f 4 c...

Algebra
Q

If $513,000 of 8% bonds are issued at 98 , the...

Accounting
Q

The following information is available for Fenton Manufacturing Company at June 30: ...

Accounting
Q

1.Ames and Barton are partners who share income in the ratio of 1:2 and have...

Accounting
Q

The sale price of a product is $180, which is 10% off the regular selling...

Finance