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Brielle purchased a home for 2.5 million on January 1,2010 . She paid 20% down and financed the remaining portion by a mortgage at 7.2%
Brielle purchased a home for 2.5 million on January 1,2010 . She paid 20% down and financed the remaining portion by a mortgage at 7.2% p.a. compounded monthly. In this mortgage, she agreed to make regular monthly payment at the end of each month for 20 years. (a) Find the amount of each monthly payment (rounding to the nearest 1 decimal place). (b) Prepare the amortization schedule for the four monthly payments. (c) After making the monthly payment on September 30, 2022, determine the remaining loan balance without using the amortization schedule (rounding to the nearest integer)
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