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I have a test on Monday and I'm really confused on how to work these out. please help! Problems 1 - 13 relate to the
I have a test on Monday and I'm really confused on how to work these out. please help!
Problems 1 - 13 relate to the following inf The lender requires a 10% down payment, and will finance the rest with a 30 year fixed rate mortgage with monthly payments at 9 7/8% with two discount points char You are purchasing a house for $95,000. 1. Payment: Calculate the monthly payment. [$742.44] 2. Balance: Calculate the balance of the loan after 2 years. [$84,473.95) 3. Balance: Calculate the balance of the loan after 3 years. [$83,880.09] 4. Principal: How much principal is paid back during the third year? [$593.86] 5. Interest: How much interest is paid during the third year? [8315.40] 6. Interest: How much interest is paid in the first month? [$703.59) Interest: How much interest is paid in the 37th month? [S690.26] S. Principal How much principal is paid during the first month? (538.84) 9. Principal: How much principal is paid during the 37th month? ($$2.17) 10. Interest How much interest is paid in the second year? [$8371.02]Step by Step Solution
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