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1. On February 10, 2011, how did the average rate on 30-year mortgages compare to the same rate one week before? How did the rate compare to three months before?,2. Name two factors that seem to be behind the change? ,3. If an individual has $1000 a month to devote to making payments on a 30-year mortgage, how much can she borrow at the mortgage rate of 5.05% on Feb. 10? ,How much can she borrow at the mortgage rate of 4.81% a week ago?,How has the amount this individual can borrow changed with higher interest rates? ,4. Fill in the blank below based on your calculation in Question 3. Other things being equal, the higher the discount rate, the ________ the present value. ,

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