How would this be calculated? Daniel and Jan agreed to pay $557,000 for a four-bedroom colonial home

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How would this be calculated?

Daniel and Jan agreed to pay $557,000 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?

Monthly payment$

b.After the first payment, what would be the balance of the principal?

Payment number1 interest principal outstanding balance of loan

Posted Date: Jun 14, 2024 06:02 AM

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How would this be calculated? Daniel and Jan agreed to pay $557,000 for a four-bedroom colonial home

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