Question
A family buys a home by taking out a 20-year fixed-rate mortgage of $240,000 at 4.7% interest. What is their monthly payment? Round their answer
A family buys a home by taking out a 20-year fixed-rate mortgage of $240,000 at 4.7% interest. What is their monthly payment? Round their answer up to the next whole dollar. $ How much will they pay over the course of 20 years? $ With this payment, much interest will they pay over the life of the loan? $ Complete the first three lines of this amortization table, using the payment you found above. Round each entry in the table to the nearest cent.
| Payment Number | Interest Payment | Principal Payment | Balance of Loan |
|---|---|---|---|
| 1 | |||
| 2 | |||
| 3 |
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Financial Management Core Concepts
Authors: Ray Brooks, Raymond Brooks
1st Edition
0321155173, 9780321155177
