Question
Barry bought a house for $293000. He put 20%down and obtained an interest amortized loan for the balance ar 5(3/8)% annually interest for 30 years.
Barry bought a house for $293000. He put 20%down and obtained an interest amortized loan for the balance ar 5(3/8)% annually interest for 30 years.
a) Find the amount of Barry's monthly payment.
b) Find the total interest paid by Barry.
c) Most lenders will approve a home loan only if the total of all the borrower's monthly payments, including the home loan payment, is no more than 38% of the borrower's monthly income. How much must Barry make in order to qualify for the loan?
d) Complete and amortization table using excel for the first 2 months of the loan, the 180th through 181th months( only find the balance due for the 180th month) of the loan, and the final 2 months(only find the balance due for the 359th month) of the loan
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