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24 please! For Problems 17-24, assume you get a 30-year $90,000 mortgage loan at 7.25% interest. 17. Calculate the monthly payment (PI). 18. Based on
24 please!
For Problems 17-24, assume you get a 30-year $90,000 mortgage loan at 7.25% interest. 17. Calculate the monthly payment (PI). 18. Based on making 360 payments of $613.96, what is the total interest over the 30 years? 19. Use your amortization registers to calculate (a) interest for the entire 30 years and (b) balance after 360 payments of $613.96. 20. Compare the total interest of Problem 18 with the total interest of Problem 19. If there is a difference, explain which answer is correct, and why. 21. After making payments for 10 years, what is your balance? 22. After 10 years, you have made 1/3 of the payments. Why isn't 1/3 of the loan balance paid off? 23. How many months will be left on the loan when the 1/3 of the balance is repaid? 24. How many years will it take for 1/3 of the loan balance to be repaid? 1014 16. Yr 1 Int 17. 20. Prin Bal Yr 2 Int 2 21. Prin Bal Yr 3 Int 18. 19. Int Prin Bal Bal Step by Step Solution
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