Since they filed bankruptcy in the past, a couple ends up paying a 12% fixed rate for a 30 year mortgage. With a better credit rating, they could have gotten the loan at a rate of 8%. If their loan amount is $140,000, how much more per month will the couple be paying for their mortgage as a result of their bankruptcy? a. $137,532. 67 b. $412. 79 c. $1,440. 06 d. $260. 37 Please select the best answer from the choices provided A B C D.

Respuesta :

Based on the scenario given , we can see that because the couple have already filed for bankruptcy, there is a 12% fixed rate for a 30 year mortgage, therefore, if they got 8% loan rate and the loan amount is $140, 000, then the amount which they would be paying more would be $412.79.

As a result of this, we can see that their extra amount which they would pay is to first calculate the total loan tenure which is 30 x 12 = 360 months.

Next would be to find the new monthly payments from the better credit rating and it would be $1,027.27

Next, we would factor in the bankruptcy factor which  would be 0.01.

Next, we would calculate the monthly payments would be $1,440.06

Finally, we would find the difference between the excess payment which would be $1,440.06 - $1,027.27

Therefore, the correct answer is $412.79

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Answer:

✅ B. $412.79

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