izinelharris izinelharris

04-06-2023
Mathematics

Answered

Mr and mrs smith are closing on a home on January 10, 2011. The sales price of the home is $450,250, and the lender has approved them for a 90% LTV. The Smith’s 15 year fixed rate mortgage loan has an interest rate of 5.00%. How much pre-paid interest must the Smith’s pay at closing, assuming a 360-day calendar year?

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