They sign a mortgage for 320,000 paying @20,000 down and amortize the remainder in equal monthly payments
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Question:
They sign a mortgage for 320,000 paying @20,000 down and amortize the remainder in equal monthly payments over 25 years with 3 year term at 7% c.s.a.
a) Construct an amortization table and find the amount that goes to interest from the second payment.
b) Find the balance after the second payment.
c) Find the amount that goes to the principal from the third payment.
d) Payments 17 and 18 are missed and regular payments are then resumed. Find the balance owed at the end of the term.
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0134141084
11th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, Ali R. Hassanlou, K. Suzanne Coombs
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