A family plans to get a $100,000 mortgage at 6% annual interest rate over 30 years in order to purchase a new home. A) What will the monthly payment be on this loan. B) What will the total cost of the loan? C) Suppose that the family decides that it can make a $10,000 larger down payment so that the mortgage will be for $90,000 and suppose that they are able to get an interest rate of 5.5% for the 30 year mortgage from their credit union. How much difference will this new mortgage make in their monthly payments and in the total cost of the loan.?
A family plans to get a $100,000 mortgage at 6% annual interest rate o
by Panel | Nov 14, 2020 | Uncategorized