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Problem:

You and your spouse have decided that now is a good time to "buy vs. own." You have found a dream house that costs 270000 and you can get an loan-to-value of 88%. Your broker has lined up a traditional, fully amortizing loan at an interest rate of 6 annual, compounded 12/year for a 30 year term.

Required:

Question: What will your mortgage payments be if you buy the house?

Note: Please provide equation and explain comprehensively and give step by step solution.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91149283

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