What would be the difference in payment each month


Problem

Here is a three part question; If the median house in Southern California today is approximately $410,000 (and it is the median, January 2015) and therefore an 80% LTV (Loan-To-Value) loan amount would be $328,000 and with an interest rate of 5%;

I. What would be the monthly payment for this loan for a fully amortized loan of 30 years?
II. What would be the monthly payment for this loan for a fully amortized loan of 15 years?
III. What would be the difference in payment each month?

Request for Solution File

Ask an Expert for Answer!!
Financial Accounting: What would be the difference in payment each month
Reference No:- TGS03358742

Expected delivery within 24 Hours