Ann found an apartment that costs $800,000 to buy. She will make a $100,000 down payment and will get a mortgage for $70
Posted: Wed Mar 09, 2022 8:45 am
Ann found an apartment that costs $800,000 to buy. She will make
a $100,000 down payment and will get a mortgage for $700,000. The
mortgage will be a fully amortizing 30-year fixed rate mortgage at
4.25% with monthly payments and monthly compounding.
If Ann's house price grows 4.5% per year (compounded annually)
and Ann continues making her mortgage payments, what will Ann's
home equity be in 10 years (after her 120th payment)?
(round answer 2 decimal places, do not include commas or dollar
signs in response)
a $100,000 down payment and will get a mortgage for $700,000. The
mortgage will be a fully amortizing 30-year fixed rate mortgage at
4.25% with monthly payments and monthly compounding.
If Ann's house price grows 4.5% per year (compounded annually)
and Ann continues making her mortgage payments, what will Ann's
home equity be in 10 years (after her 120th payment)?
(round answer 2 decimal places, do not include commas or dollar
signs in response)