Randy and Rhoda just got married and found their dream home….
Randy and Rhoda just got married and found their dream home. They will need to take out a loan of $96,000 to pay for the home, as they have a $24,000 down payment. Randy and Rhoda qualify for their loan at 4% for 30 years. Randy and Rhoda have the opportunity to purchase 2 points to lower their interest rate to 2%. How long will it take them to break even?
Read DetailsAmelia is applying for a mortgage loan, and she is required…
Amelia is applying for a mortgage loan, and she is required to submit a net worth statement as part of the application process. The following table shows her assets and liabilities. Use this information to calculate her current net worth. net worth statement Assets Amount Liabilities Amount 2009 Ford Taurus $12,345 Car loan $10,560 Checking account $743 Credit card balance $552 Savings account $1,322 Student loan $4,000 Two closets full of designer clothes and accessories. $475
Read DetailsKait and Bo find out that if they refinance their home, they…
Kait and Bo find out that if they refinance their home, they can save $200 per month on their home mortgage payment. However, refinancing would cost them $8,000. How long will it take them to break even if they decide to refinance their home mortgage?
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