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5 Questions

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Mortgage Loan Calculation

Created by

@CureAllColosseum

Podcast Beta

Play an AI-generated podcast conversation about this lesson

$380,000 (correct)

$250,000

$572,022

$125,000

$250,000

$57,202.20

$125,000 (correct)

$380,000

6.75%

5.50%

8.00%

7.50% (correct)

<p>20 years</p> Signup and view all the answers

<p>$5,720.22</p> Signup and view all the answers

A doctor purchases a house worth $380,000 with a $125,000 down payment and a $250,000 mortgage loan.
The mortgage has an annual interest rate of 7.50% (compounded monthly).
The loan is to be repaid over 20 years in monthly installments.
In the first year, the doctor pays off $5,720.22 of the debt.