Question
Heather McIntosh of Watertown, South Dakota, recently purchased a home for $190,000. She put $27,500 down and took out a 25-year loan at 3.5 percent
Heather McIntosh of Watertown, South Dakota, recently purchased a home for $190,000. She put $27,500 down and took out a 25-year loan at 3.5 percent interest. Round your answers to the nearest cent.
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Use Table 9-4 to determine her monthly payment. Round Estimating Mortgage Loan Payments for Principal and Interest in your intermediate calculations to four decimal places.
$
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How much of her first payment will go toward interest and principal?
Interest will be $
Principal will be $
How much will she owe after that first month? (Hint: Use the logic of Table 9-2.)
$
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How much will she owe after three months? Do not round intermediate calculations. (Hint: Use the logic of Table 9-2.)
$
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