Mathematics, 03.01.2020 07:31 nathangirnet
Since they filed bankruptcy in the past, a couple ends up paying a 12% fixed rate for a 30 year mortgage. with a better credit rating, they could have gotten the loan at a rate of 8%. if their loan amount is $140,000, how much more per month will the couple be paying for their mortgage as a result of their bankruptcy?
a. $137,532.67
b. $412.79
c. $1,440.06
d. $260.37
Answers: 3
![M=P[(r(r+1)^n/((1+r)^n-1)]](/tpl/images/0441/1354/e91b8.png)
![M=140,000[((1+0.01)^{360})/((1+0.01)^{360}-1)] \\ \\=140,000[((1.01)^{360})/((1.01)^{360}-1)]=1440.06](/tpl/images/0441/1354/96158.png)
![M=140,000[((1+(\frac{0.08}{12}))^{360})/((1+(\frac{0.08}{12}))^{360}-1}]=1027.27](/tpl/images/0441/1354/7fbc1.png)
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Since they filed bankruptcy in the past, a couple ends up paying a 12% fixed rate for a 30 year mort...
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