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# mr.smith bought a house on which he obtained a mortgage for

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VP
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mr.smith bought a house on which he obtained a mortgage for [#permalink]

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22 Feb 2005, 07:21
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mr.smith bought a house on which he obtained a mortgage for 90% of the price of the house.when the mortgage is paid off , will the total interest paid exceed the amount of the original mortgage ?

1) the interest rate is fixed at 10% simple interest per year.

2) the mortgage will be paid off by 300 equal monthly payments.
Intern
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22 Feb 2005, 10:29
C ...as we just need a value > or < than P.
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22 Feb 2005, 19:43
C. the question is: is total interest paid or to be paid (10% of due mortgage amt) > the mortgage amt (90% of the price of the house)
VP
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23 Feb 2005, 11:38
"C".

Mortgage = 0.9X....X is price of house

With "C" we will get interest = 2.25X > 0.9 X
Manager
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23 Feb 2005, 22:28
one more for C , as we don t need the value but both % and Period of pay back
Manager
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25 Feb 2005, 04:51
C it is

If the price is x

Then mortgage =0.9 x and Interest = 2.25x

2.25x>0.9x
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25 Feb 2005, 15:08
Yup C without solving but eliminating
25 Feb 2005, 15:08
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