The Smiths were just approved for a 25 year mortgage at an 11% fixed rate. If they had not filed bankruptcy in the past they could have gotten a rate of 7%. If their loan amount is $128,000, how much more per month will the Smiths be paying for their mortgage as a result of their bankruptcy? a. $349.86 b. $125,840.78 c. $904.68 d. $235.09
The Smiths were just approved for a 25 year mortgage at an 11% fixed rate. If they had not filed bankruptcy in the past they could have gotten a rate of 7%. If their loan amount is $128,000, how much more per month will the Smiths be paying for their mortgage as a result of their bankruptcy? a. $349.86 b. $125,840.78 c. $904.68 d. $235.09
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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Transcribed Image Text:The Smiths were just approved for a 25 year mortgage at an 11% fixed rate. If they had not filed bankruptcy in the past,
they could have gotten a rate of 7%. If their loan amount is $128,000, how much more per month will the Smiths be
paying for their mortgage as a result of their bankruptcy?
a. $349.86
b. $125,840.78
c. $904.68
d. $235.09
Please select the best answer from the choices provided
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