Question
1, benny has a mortgage of $583,000 through his bank for property purchased. The loan is repaid by end of month payments of $5,523.69 with
1, benny has a mortgage of $583,000 through his bank for property purchased. The loan is repaid by end of month payments of $5,523.69 with an interest rate of 6.43% compounded monthly over 13 years. What is the interest paid in the 11th year of the mortgage? Enter a POSITIVE VALUE for the answer, rounded to two decimal places. P1 = ? P2 =? Interest paid in 11th year =?
PLS EXPLAIN TO ME HOW TO FIND THE P1 AND P2. WHAT DO I NEED TO DO IN ORDER TO FIND THAT?
2) JI took out a mortgage of $799,000 for a house and just made the 109th end-of-month payment. If interest on the loan was 3.57% compounded monthly and the mortgage has a period of 15 years. Round ALL answers to two decimal places if necessary.
What is her current outstanding balance after the 109th payment?
BAL= ?
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