Question
Daniel and Jan agreed to pay $551,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $60,000 down payment. They have a 30-year mortgage
| Daniel and Jan agreed to pay $551,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $60,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00%. |
| a. | How much is their monthly payment? (Do not round intermediate calculations. Round your answer to the nearest cent.) |
| 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 cent.) |
| Payment number | Portion to | Balance of loan outstanding | |||
| Interest | Principal | ||||
| 1 | $ | $ | $ | ||
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Project Financing Analyzing And Structuring Projects
Authors: Frank J Fabozzi, Carmel De Nahlik
1st Edition
9811232393, 9789811232398
