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Great Economic News: Recession is Over!
Thanks Joe.
"Joe Parsons" wrote in message ... On Sun, 07 Sep 2003 01:59:26 GMT, "NOYB" wrote: $100,000 mortgage at 5% for 30 years is $536.83 per month. $100,000 mortgage at 6% for 30 years is $599.55 per month. The mortgage payment at 6% is 11.683% more than the payment at 5%. How am I wrong? Actually, you're not, and I sit corrected. Joe Parsons "Joe Parsons" wrote in message .. . On Sat, 06 Sep 2003 19:34:53 GMT, "NOYB" wrote: "Gould 0738" wrote in message ... Remember that when 5% mortgages go to 6%, the interest rate has gone up only 1% but the cost of money has increased by a factor of 20%....(6 being a number 120% as large as 5). Just when it seems that you do indeed *have* a brain, you post something like this. If a mortgage rate goes up from 5% to 6%, the monthly payment on a 30 year mortgage goes up by a little under 12%...not 20%. Actually, you're *both* wrong--although you are closer with respect to the 15 year mortgage. Joe Parsons For a 15 year mortgage, the change is just a little bit under 7%. |
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