Sales price of a new home sold in us 2007 240300 2017, Ask an Expert

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Sales price of a new home sold in US: 2007: $240,300 2017: $319,700. Monthly average "commitment rate”(i.e. interest rate) on a 30-year fixed rate mortgage: 2007: 3.81 2017: 6.38

1. Supposing a 20% down payment, what would be the size of the mortgage required to buy a house with the median price in September of 2007 and September of 2017?

2. Based on the interest rates above and the mortgage amounts in question 1, what would be the monthly payment for a 30-year fixed rate mortgage in September of 2007 and September of 2017?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92742965

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