use the formula fo equity where r is the monthly interest rate as a decimal and t is the term in months. Use this formula
use the formula fo equity
where r is the monthly interest rate as a decimal and t is the term in months. Use this formula for a mortgage of $125000 at an APR of 7.2%. Assume that the term of the mortgage is 30 years.
How much equity will you have halfway through the term of the loan? (Fill in the blank below and round your answer to 2 decimal places.)
Equity = $
What percentage of the principal is this? (Fill in the blank below and round your answer to 1 decimal place.)
Percentage of the principal = %
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Authors: Francis O'Gorman
1st Edition
0199281920, 978-0199281923
