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A fully amortizing mortgage loan is made for $100,000 at 4.5% for 30 years. Payments will be made monthly. Calculate the following: a. Monthly payments
| A fully amortizing mortgage loan is made for $100,000 at 4.5% for 30 years. Payments will be made monthly. | |||||||||
| Calculate the following: | |||||||||
| a. Monthly payments | |||||||||
| b. Interest and principal payments during month 1. | |||||||||
| c. Total interest and principal payments made over the life of the loan (30 years). | |||||||||
| d. If the property were sold at the end of year 15, how much is still owed on the mortgage? | |||||||||
| e. At the end of year 15, how much has been paid in interest and principal in total? | |||||||||
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Fundamentals Of Financial Planning
Authors: Michael A Dalton, Joseph Gillice
3rd Edition
1936602091, 9781936602094
