Question
Wally Bee purchased a new home for $250,000 with a $40,000 down payment. He financed the remainder with a 4% mortgage for 30 years. Prepare
Wally Bee purchased a new home for $250,000 with a $40,000 down payment. He financed the remainder with a 4% mortgage for 30 years.
Prepare a two month amortization schedule. (Round interest factor to 4 decimals) What is the principal reduction for month 2?
| Month | Loan Balance | Payment | Interest | Principal |
| 0 | ||||
| 1 | ||||
| 2 |
| $351.54 | ||
| $310.56 | ||
| $388.21 | ||
| $401.65 |
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Case Studies In Finance
Authors: Robert Bruner, Kenneth Eades, Michael Schill
6th Edition
0073382450, 978-0073382456
