Question
You purchased a home that has a mortgage note of $175,000. It is a 30 year mortgage that requires me to make my payments at
You purchased a home that has a mortgage note of $175,000. It is a 30 year mortgage that requires me to make my payments at the end of each month like a typical mortgage loan. If my annual interest rate on this loan is 6.25 %, then a) What is my monthly payment? b) How much do I owe after 30 years? Give correct detailed answers and show your work.a) Monthly Payment:The monthly payment for a 30-year mortgage at 6.25% interest with a loan amount of $175,000 is $1,094.90.This calculation can be done using the following formula:urchased a home that has a mortgage note of $175,000. It is a 30 year mortgage that requires me to make my payments at the end of each month like a typical mortgage loan. If my annual interest rate on this loan is 6.25 %, then a) What is my monthly payment?
b) How much do I owe after 30 years?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
