TVM Challenge If you borrow $500,000 to buy a house today, what is the amount of...
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TVM Challenge If you borrow $500,000 to buy a house today, what is the amount of your MONTHLY mortgage payment over next 30 years if the bank charges a 3.6% interest rate? Answer: Complete the amortization table for the first six monthly mortgage payments below: Interest Expense Principal Adjustment Loan Initiation 1st month 2nd month 3rd month 4th month 5th month 6th month Cash Principal Balance $500,000.00 Journalize the initiation of the loan: Assets Journalize the third payment: Assets Liabilities Liabilities Owners' Equity Owners' Equity TVM Challenge If you borrow $500,000 to buy a house today, what is the amount of your MONTHLY mortgage payment over next 30 years if the bank charges a 3.6% interest rate? Answer: Complete the amortization table for the first six monthly mortgage payments below: Interest Expense Principal Adjustment Loan Initiation 1st month 2nd month 3rd month 4th month 5th month 6th month Cash Principal Balance $500,000.00 Journalize the initiation of the loan: Assets Journalize the third payment: Assets Liabilities Liabilities Owners' Equity Owners' Equity
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Answer rating: 100% (QA)
ANSWER So the monthly mortgage payment is approximately 227157 Now lets complete the amortization table for the first six monthly mortgage payments Mo... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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