Bart Kelly bought a home with a 10% adjustable rate mortgage for 30 years. He paid $8.78 monthly per thousand on his original loan. At the end of 2 years he owes the bank $65,000. Since then interest rates have increased to 12.25%. The bank will renew the mortgage at this rate, or Bart can pay the bank $65,000. He decides to renew and will now pay $10.48 monthly per thousand on his loan. You can ignore the small amount of principal paid during the 2 years.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Bart Kelly bought a home with a 10% adjustable rate mortgage for 30 years. He paid $8.78 monthly per thousand on his original loan. At the ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
A number that's greater than 40 whose prime factorisation contains 3 prime number that don't repeat
Answers (1)
There are students in a small class. To make a team, the names of of them will be drawn from a hat. How many different teams of students are possible?
Answers (1)
1 hundred 4 tens and 14 ones name the same amount
Answers (1)
How many times does 27 go into 486
Answers (2)
Alex is driving at a constant rate of 50 miles per hour. How far will Alex travel in: 2 hours, 4.3 hours, 20 minutes?
Answers (2)
New Questions in Mathematics
4/6 subtracted by 2/6 simplify if possible
Answers (2)
a researcher creates two random samples, each with sample size of 12. he does not find a statically significant difference between the two groups.
Answers (1)
Gene invested $400 at 4% interest compounded annually. How much is in the account after 1 year? $416.00 $540.00 $816.00 $804.00
Answers (1)
Find the probability of getting 3 heads and 2 tails on 5 coin tosses?
Answers (1)
What two numbers multiply to - 15 and can also add up to - 7
Answers (1)