Assume a Selling Price of $95,000, a Down Payment of $20,000

question 11

Short Answer

Assume a selling price of $95,000, a down payment of $20,000, and a mortgage at 10% for 30 years. If the loan was for 25 years, what would be the difference in the total interest cost of the loan?

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Definitions:

Proximate Cause

A legal concept referring to the primary cause of an injury or damage that is considered legally sufficient to hold someone responsible.

Superseding Cause

An intervening act or event that breaks the direct connection between the original wrongful act and the injury that occurred, relieving the original offender of liability.

Substantial Factor

A significant element or cause that contributes in a meaningful way to a particular outcome.

Foreseeable

A condition or event that is predictable or should have been anticipated in the course of planning or decision making.