Dr. Genius buys a house for $1,000,000 on a 30 year loan at 2.5% APR.    Dr Ridiculous buys a house for $1,000,000 on a 30 year loan at 6.5% APR because he thought the housing market was going to crash.    What is the different in monthly payment on their mortgage?  Group of answer choices A. $8,540 B. $2,205 C. $500 D. $3,600

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Dr. Genius buys a house for $1,000,000 on a 30 year loan at 2.5% APR. 

 

Dr Ridiculous buys a house for $1,000,000 on a 30 year loan at 6.5% APR because he thought the housing market was going to crash. 

 

What is the different in monthly payment on their mortgage? 

Group of answer choices
A. $8,540
B. $2,205
C. $500
D. $3,600
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