Question
A mortgage of $850,000 is to be amortized by end-of-month payments over a 25- year period. The interest rate on the mortgage is 3% compounded
A mortgage of $850,000 is to be amortized by end-of-month payments over a 25- year period. The interest rate on the mortgage is 3% compounded semi-annually. Round your final answers to 2 decimals. Blank #1: Calculate the principal portion of the 18th payment? Blank #2: Calculate the interest portion of the 41th payment? Blank #3: Calculate the total interest in payments 62 to 81 inclusive. Blank #4: How much will the principal be reduced by payments in the third year?
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Accounting The Basis For Business Decisions
Authors: Robert F. Meigs, Jan R. Williams, Susan F Haka, Mark S. Bettner
International 11th Edition
007115809X, 978-0071158091
