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Assume the following information for a home mortgage: Original loan amount = $250,000 Annual interest rate = 7.35% Term of loan = 10 years For
Assume the following information for a home mortgage: Original loan amount = $250,000 Annual interest rate = 7.35% Term of loan = 10 years For year two, how much interest and principal was paid, and what is the balance due at the end of year two?
How are they getting this answer? I am using a financial calculator and not coming up with those answers.
Question 7 0/1 pts Assume the following information for a home mortgage: Original loan amount = $250,000 Annual interest rate = 7.35% Term of loan = 10 years For year two, how much interest and principal was paid, and what is the balance due at the end of year two? You Answered $18,569.24 of principal; $16,591.51 of interest; balance due $215,563.83 Correct Answer $18,922.69 of principal; $16,453.43 of interest; balance due $213,491.61 $19,038.58 of principal; $16,337.53 of interest; balance due $211,851.26 $18,807.45 of principal; $16,568.62 of interest; balance due $215,122.02 $18,807.45 of principal; $16,353.27 of interest; balance due $212,192.01Step by Step Solution
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