An interest buydown program offers ro reduce interest rates, Financial Management

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An interest buydown program offers ro reduce interest rates

An interest buydown program offers ro reduce interest rates by 4% from the base rate. Suppose the base rate for a loan os $8000 is 8% for 10 years. What is the monthly payment before and after the buy down? In this case, use monthly compounding, that is, the term is 120 payment periods, and the interest per month is 0.667% before and 0.333% after the buy down.

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