In order to qualify for a $100,000 fully amortizing mortgage loan with a 15 year term, the borrower cannot have a monthly payment in excess of $800 for the first five years. Assuming the market interes rate is 9%, what would the approximate buydown payment to the lender be? O $11,700 O $2,400 O $10,300 O none of the answers are correct

In order to qualify for a $100,000 fully amortizing mortgage loan with a 15 year term, the borrower cannot have a monthly payment in excess of $800 for the first five years. Assuming the market interes rate is 9%, what would the approximate buydown payment to the lender be? O $11,700 O $2,400 O $10,300 O none of the answers are correct

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 15P

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