Home mortgage of \$30,000 at a fixed APR of 6% for 20 years

FratBro23
Category:
Other
Price: \$5 USD

Question description

Considered a home mortgage of \$30,000 at a fixed APR of 6% for 20 years.

a) What are your monthly payments?

b) Suppose you would like to pay the loan off in 10 years insted of 20 years, what monthly payment will you need to make?

c) Compare the total amount you'll pay over the loan term if you would pay off the loan off in 10 years instead of 20 years.

Q:

What will be the required monthly payment?

What will be the monthly payment required to pay off the loan in 10 years instead of 20 years?

What will be the total payment for the :

10 year loan ?

20 year loan?

(Top Tutor) Daniel C.
(997)
School: Duke University
Studypool has helped 1,244,100 students

1828 tutors are online

Related Other questions

06/03/2013
06/03/2013

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors