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1. Miss Crystal Palace just purchased you guessed it a crystal palace for $650,000. She makes a 25% down payment and finances the balance with

1. Miss Crystal Palace just purchased you guessed it a crystal palace for $650,000. She makes a 25% down payment and finances the balance with a mortgage at an interest rate of 5.6% for 15 years, making monthly payments.

a. What amount will she borrow? b. Complete the amortization table for the first two payments. Show all work?

Please Show your work AND explain your reasoning using complete English sentences.

image text in transcribed

I-Prt NE A P(1+rt) 1-1 nt

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