Question
You borrow $400,000 to buy a house over a 15-year term. The loan is structured as an amortized loan with annual payments and an interest
You borrow $400,000 to buy a house over a 15-year term. The loan is structured as an amortized loan with annual payments and an interest rate of 11%.
Complete the cells in the amortization schedule, below.
| Year | Payment ($) | Interest in Payment ($) | Principal Repaid ($) | Principal Owing at End of Year ($) |
| 1 | ||||
| 2 |
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Personal Finance
Authors: E Thomas Garman, Raymond Forgue
11th Edition
1111531013, 9781111531010
