You need to borrow 120000 to finance your new home the, Ask an Expert

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You need to borrow $120,000 to finance your new home. The annual percentage rate is 9% and payments are made monthly.

a. If the mortgage has a 30-year amortization schedule, what are the monthly payments?

b. What effective annual rate would you be paying?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92839000

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