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A couple has decided to purchase a $90000 house using a down payment of $20000. They can amortize the balance at 9% over 30 years.
A couple has decided to purchase a $90000 house using a down payment of $20000. They can amortize the balance at 9% over 30 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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