Remember that we spent a considerable time in chapter 4 studying loans.
These are the main points from this chapter:
1. Small differences in mortgages can cost thousands over time.
2. There are other expenses to consider when comparing renting to owning.
3. Know what you can afford before making a decision, according to the book 28% is acceptable front end ratio, 36% back end ratio. The book also said that 28% of gross income is acceptable rent.
4. To find the total interest paid on a mortgage, you sum all the payments and subtract the amount borrowed. For further study, see the textbook (avail at the bookstore) and chapter 4's notes (posted).
8.1
8.3
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