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Licemer1 [7]
3 years ago
5

Jamal has been approved for $125,000 loan, 30-year mortgage with an APR of 5.3%. He made a 10% down payment and is closing on Ap

ril 5th. How much should he expect to pay in prepaid interest at closing?​
Mathematics
2 answers:
Svetach [21]3 years ago
8 0

Answer:

The total amount paid by Jamal will be $408.38

Step-by-step explanation:

Jamal has been approved for $125,000 loan.

Time or t = 30-year

r = 5.3% or 0.053

He made a 10% down payment, means 90% was loan.

125000\times0.9=112500

This amount multiplied by rate.

=> 112500\times0.053=5962.50

For per day value, divide this by 365.

\frac{5962.50}{365} = $16.335

Given is the deal is closing on April 5th. April has 30 days, so, there are 25 days left.

So, the final amount becomes = 16.335\times25=408.375 ≈ $408.38

Alex17521 [72]3 years ago
7 0

Answer:

Step-by-step explanation:

Loan APR is 5.535%

Loan information:

Mortgage amount:

$125,000

Term in years:

Interest rate:

5.3%

Monthly payment:$694.13

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