Question javier just bought a condominium in college town, Ask an Expert

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Question: Javier just bought a condominium in College town, USA. His $100,000 mortgage is 6% compounded monthly, and Javier will make monthly payments on his loan for 30 years. In addition, property taxes and title insurance amount to $400 per month.

a. What is the total mortgage-related amount of Javier's monthly condo payment?

b. Develop an estimate of Javier's total monthly expenses (maintenance, utilities, and so on) for his condominium.

c. If Javier qualifies for a 15-year mortgage having an APR of 5.8% compounded monthly, what will his monthly mortgage payment be (there will be 180 payments)?

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M92314585

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