Franklin is considering a 15 year mortgage because friends have told him that a 30-year mortgage is too long and he'll lose a lot of money to interest. If Franklin can get a 15-year, $150,000 loan at a nominal interest rate of 4.5%, what would Franklin's monthly mortgage payment be? $1,265.79 $1,147.49 $1,425.39 $1,008.33 $1,344.35
Franklin is considering a 15 year mortgage because friends have told him that a 30-year mortgage is too long and he'll lose a lot of money to interest. If Franklin can get a 15-year, $150,000 loan at a nominal interest rate of 4.5%, what would Franklin's monthly mortgage payment be? $1,265.79 $1,147.49 $1,425.39 $1,008.33 $1,344.35
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Franklin is considering a 15 year mortgage because friends have told him that a 30-year mortgage is too long and he'll lose a lot of money to interest. If Franklin can get a 15-year, $150,000 loan at a nominal interest rate of 4.5%, what would Franklin's monthly mortgage payment be?
$1,265.79
$1,147.49
$1,425.39
$1,008.33
$1,344.35
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