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Liz and Nick are buying a $255,000 home. They have been approved for a 5.5% APR, 30-year mortgage.
They made a 20% down payment and will be closing on March 11.
(Note: March has 31 days.)
a.) What is their mortgage (loan) amount?
$​

b.) What is their interest on the loan for one year?
$​

c.) What is the daily interest?
$​

d.) How much should they expect to pay in prepaid interest at the closing?

Liz and Nick are buying a 255000 home They have been approved for a 55 APR 30year mortgage They made a 20 down payment and will be closing on March 11 Note Marc class=


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