Question 5 • 26-27 Ignite Technical Math-Financial Math - MA2007
Use the fixed-rate mortgage payment formula with 360 monthly payments. At 12%, the monthly payment on $140,000 is about $1,440.06; at 8%, it is about $1,027.27. Subtracting gives $1,440.06 − $1,027.27 = $412.79 more per month. The correct choice is $412.79.
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