Question
Samuel agreed to pay $550,000 for a house. He made a $125,000 down payment and financed the balance using a 30-year, 6%per annum compounded monthly
Samuel agreed to pay $550,000 for a house. He made a $125,000 down payment and financed the balance using a 30-year, 6%per annum compounded monthly conventional loan.
a) How much were his monthly payments?
b) If he sold the house for $750,000 after 5%years, how much equity did he have in
the house?
c) How much is his contribution to his loan (Principal and Interest)?
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Accounting Best Practices
Authors: Steven M. Bragg
3rd Edition
0471444286, 978-0471444282
