You’ve decided to buy a house that is valued at $1 million. You have $350,000 to use as a down payment on the house, and want to take out a mortgage for the remainder of the purchase price. Your bank has approved your $650,000 mortgage, and is offering a standard 30-year mortgage at a 10% fixed nominal interest rate (called the loan’s annual percentage rate or APR).
Under this loan proposal, your mortgage payment will be per month. (Note: Round the final value of any interest rate used to four decimal places.)
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You’ve decided to buy a house that is valued at $1 million. You have $350,000 to use as a down payme...
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