A house is purchased for $200,000 and a 20% down payment is made. The balance is financed by a 30 year adjustable rate mortgage with monthly payments. The initial interest rate is 12% per annum, compounded monthly. Just after the 240th payment, the interest rate is increased to 14% compounded monthly. The payments remain at the original amount until a final smaller payment fully repays the loan. What is the total number of monthly mortgage payments made over the life of the loan, including the final smaller payment?
Solved
Show answers
More tips
- W Work and Career Secrets of Punctuality: How to Learn to Never Be Late?...
- L Leisure and Entertainment How to Choose the Perfect Gift for Men on February 23rd?...
- H Health and Medicine How to Treat Whooping Cough in Children?...
- H Health and Medicine Simple Ways to Lower Cholesterol in the Blood: Tips and Tricks...
- O Other How to Choose the Best Answer to Your Question on The Grand Question ?...
- L Leisure and Entertainment History of International Women s Day: When Did the Celebration of March 8th Begin?...
- S Style and Beauty Intimate Haircut: The Reasons, Popularity, and Risks...
- A Art and Culture When Will Eurovision 2011 Take Place?...
- S Style and Beauty How to Choose the Perfect Hair Straightener?...
- F Family and Home Why Having Pets at Home is Good for Your Health...
Answers on questions: Business
- A Arts Short films emerged in which decade? 1920s 1930s 1940s 1950s...
- S Spanish La cordillera de los andes tiene picos nevados y glaciares. cierto falso los andes se extienden desde el sur de ecuador hasta el norte de venezuela. cierto falso ecuador es...
- P Physics What is the heat required to raise the temperature of ice form - 10 degree celsius to its melting point at 0 degree celsius?...
Ответ: