Beverly Frost bought a home for $190,000 with a down payment of $19,000 at 7% for 25 years. Since then the rate has risen to 9%.
How much more would her monthly payment be if she bought the house at 9%?
2 answers:
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Answer:
Using equation
F=P(1+i)^n
where n=25,since i increased to 0.07 to 0.09,the increased payment would be $23,700
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