Question
A couple has decided to purchase a $330000 house using a down payment of $16000. They can amortize the balance at 6% over 15 years.
A couple has decided to purchase a $330000 house using a down payment of $16000. They can amortize the balance at 6% over 15 years.
a) What is their monthly payment?
Answer = $
b) What is the total interest paid?
Answer = $
c) How much of their first payment went toward paying interest?
Answer = $
d) How much of their first payment went toward paying the balance of the loan.
Answer = $
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Quantitative Methods For Business
Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam
11th Edition
978-0324651812, 324651813, 978-0324651751
