Question
(15 points) You just bought a house for $300,000. You put $100,000 as a down payment and borrow the remaining $200,000 from a bank. You
(15 points) You just bought a house for $300,000. You put $100,000 as a down payment and borrow the remaining $200,000 from a bank. You take out a 30-year mortgage that charges you 6 percent APR but with monthly compounding.
A. How much is your monthly mortgage payment? Show your work.
B. How much of your second mortgage payment goes towards interest? Show your work.
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
9781285586618
