You are approved for a $200 000 mortgage to purchase a house. You are given two options, both with an interest rate of 4.2% per year. How much will yo pay in interest for each option? Which will see the mortgage paid off faster? Option A – Pay $450 biweekly Option B - Pay $900 monthly
You are approved for a $200 000 mortgage to purchase a house. You are given two options, both with an interest rate of 4.2% per year. How much will yo pay in interest for each option? Which will see the mortgage paid off faster? Option A – Pay $450 biweekly Option B - Pay $900 monthly
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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You are approved for a $200 000
mortgage to purchase a house. You are
given two options, both with an interest
rate of 4.2% per year. How much will you
pay in interest for each option? Which
will see the mortgage paid off faster?
Option A - Pay $450 biweekly
Option B - Pay $900 monthly
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