You are negotiating with a seller on a $355,000 loan amortized over ten years. You would like the interest rate to be 4% and the seller wants 6%. What is the difference in payments over the life of the loan?
(The answer will be posted with the new calculator problem in 2 weeks. Or if you can’t wait that long, you can go to http://www.facebook.com/pages/Gary-Johnston-Seminars/111368472221424 for the answer.)
Answer for 07/01/2013 problem:
(N=480,I=12,PV=-0,PMT=30) FV=352,943.18