Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. This amortization table shows the first 3 payments and the last 3 payments on mortgage. Payment Monthly number payment Interest paid Principal paid

image text in transcribed

3. This amortization table shows the first 3 payments and the last 3 payments on mortgage. Payment Monthly number payment Interest paid Principal paid 0 Outstanding balance $180 000.00 1 $1343.20 $976.66 $366.55 $179 633.45 2 $1343.20 $974.67 $368.53 $179 264.92 3 $1343.20 $972.67 $370.53 $178 894.39 238 $1343.20 $21.63 $1321.57 $2664.70 239 $1343.20 $14.46 $1328.74 $1335.95 240 $1343.20 $7.25 $1335.95 $0.00 a) What is the total amount paid on the mortgage? b) How much interest is paid?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Introduction To Management Science

Authors: Bernard W. Taylor

12th Edition

1292092912, 9781292092911

More Books

Students also viewed these Mathematics questions

Question

understand gender differences with regard to work-related outcomes;

Answered: 1 week ago