1. Suppose that you wish to buy a new home that will cost you $474,592. You must put $80,000 down, and the bank offers you a 5-year 5% APR negative amortization loan with a payments $1,282 per month, at which point you are expecting to refinance. How much will you owe the bank at that time?
2.Suppose that you wish to buy a new home that will cost you $500,000. You must put $100,000 down, and will finance the rest at 3.6% APR, making monthly payments for 30 years at the end of each month. However, the loan is structured with a balloon payment of $100,000 in the last month. How much will your remaining monthly payments be?
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