Question
You want to buy a house that costs $200,000 and have saved up enough for the 10% down payment. You will be borrowing the rest
You want to buy a house that costs $200,000 and have saved up enough for the 10% down payment. You will be borrowing the rest from the bank at an annual rate of 9% compounded s.a. through a 25 year mortgage.
- How much will your monthly payments be?
- How much of the first monthly payment will go towards principal?
- What will be the total cost of your house?
- How much remains owing at the end of the 3 years, and what percentage of your first 36 payments went to principal
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Basic Finance An Introduction To Financial Institutions Investments And Management
Authors: Herbert B. Mayo, Michael J Lavelle
13th Edition
0357714741, 978-0357714744
