Question
Daniel and Jan agreed to pay $546,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $50,000 down payment. They have a 30-year mortgage
Daniel and Jan agreed to pay $546,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $50,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00%. (Use Table 15.1)
a. How much is their monthly payment? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)
Monthly payment: $
b. After the first payment, what would be the balance of the principal? (Do not round intermediate calculations. Round your answers to the nearest dollar amount.)
| Payment number | Portion to | Balance of loan outstanding | |
| Interest | Principal | ||
| 1 | $ | $ | $ |
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Financial Econometrics Modeling Market Microstructure Factor Models And Financial Risk Measures
Authors: G. Gregoriou , Razvan Pascalau
1st Edition
0230283624, 0230298109, 9780230283626, 9780230298101
