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You apply for a mortgage loan on a $350,000 condo using 85% loar lue. Going interest rates are 4.25%, but after thoroughly surfing the net, you find der to grant you a loan at 3.75%. and jump on it. It's a 30-year loan paid mont w much cash flow would you save during the first 5 years of the loan now that yo und the lower interest rate? (Round to the nearest dollar)

You apply for a mortgage loan on a $350,000 condo using 85% loar lue. Going interest rates are 4.25%, but after thoroughly surfing the net, you find der to grant you a loan at 3.75%. and jump on it. It's a 30-year loan paid mont w much cash flow would you save during the first 5 years of the loan now that yo und the lower interest rate? (Round to the nearest dollar)

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 7FPE: Calculating interest earned and future value of savings account. If you put 6,000 in a savings...
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28) You apply for a mortgage loan on a $350,000 condo using 85% loan-to- value. Going interest rates are 4.25%, but after thoroughly surfing the net, you find a lender to grant you a loan at 3.75%. and jump on it. It's a 30-year loan paid monthly. How much cash flow would you save during the first 5 years of the loan now that you've found the lower interest rate? (Round to the nearest dollar)
Transcribed Image Text:28) You apply for a mortgage loan on a $350,000 condo using 85% loan-to- value. Going interest rates are 4.25%, but after thoroughly surfing the net, you find a lender to grant you a loan at 3.75%. and jump on it. It's a 30-year loan paid monthly. How much cash flow would you save during the first 5 years of the loan now that you've found the lower interest rate? (Round to the nearest dollar)
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