You are interested in purchasing a house listed for $180000. The owner seems quite determined to…

You are interested in purchasing a house listed for $180,000. The owner seems quite determined to stay at the asking price, but you think that the true market value is $165,000. It may be that the owner would accept an offer whose nominal value is the psychologically important $180,000 figure but whose cash value is close to your $165,000 figure. What would be the cash value of the following offer if prevailing long-term mortgage rates are 10.5% compounded semiannually? The offer is for the “full” price of $180,000, consisting of $60,000 down and the balance by a $120,000 mortgage in favour of the vendor. Base monthly payments on a 20-year term, a 20-year amortization, and an interest rate of 8.5% compounded semiannually.

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