Question
A $330,000 house in Hamilton was purchased with a down payment of 20.00% of its value and a 20 year mortgage was taken for the
A $330,000 house in Hamilton was purchased with a down payment of 20.00% of its value and a 20 year mortgage was taken for the balance. The negotiated fixed interest rate was 4.50% compounded semi-annually for a three-year term, with repayments made at the end of every month. a. Calculate the size of the monthly payments.
b. Complete the partial mortgage schedule for the three-year term, rounding the answers to the nearest cent.
| Payment Number | Payment | Interest Portion | Principal Portion | Principal Balance |
| 0 | $264,000.00 | |||
| 1 | ||||
| 2 | ||||
| : : | : : | : : | : : | : : |
| : : | : : | : : | ||
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Money And Capital Markets
Authors: Peter Rose, Milton Marquis
10th Edition
0077235800, 9780077235802
