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Suppose you are interested in buying a condo. The price is $125,000. You have a 30-year 3.5% APR mortgage rate with 20% down payment. i)
Suppose you are interested in buying a condo. The price is $125,000. You have a 30-year 3.5% APR mortgage rate with 20% down payment. i) What would be the initial mortgage and the monthly mortgage payment? ii) How much will be paid as interest and principal for the first month? iii) What will be the remaining balance after 20 years? iv) The remaining balance will be $50,000 after closely ____ A. 180 months B. 225 months C. 245 months
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