Question
You plan to buy a house in December 2019. The sale price is $385,000. You need to pay 20% down payments and borrow additional 80%
You plan to buy a house in December 2019. The sale price is $385,000. You need to pay 20% down payments and borrow additional 80% from Bank of America with a 25-year, 3.0% fixed-rate mortgage loan. You are expected to pay an equal MONTHLY payment starting from January 2020 for a total of 25 years.
(1) Calculate your expected monthly mortgage payment.
(2) Develop the 2020~2044 amortization table for your mortgage loan.
(A) When you prepare your 2020 tax filing, what is the total mortgage interest payment that you can consider for the tax deduction?
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Step: 1
To calculate the monthly mortgage payment we can use the formula for the monthly payment on a fixedr...
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Contemporary Engineering Economics
Authors: Chan S. Park
5th edition
136118488, 978-8120342095, 8120342097, 978-0136118480
