Question
Your friend decides to purchase a home and takes a 15-year, $100,000 mortgage with a mortgage rate of 4.8%. Her monthly mortgage payment would be
Your friend decides to purchase a home and takes a 15-year, $100,000 mortgage with a mortgage rate of 4.8%. Her monthly mortgage payment would be $780.4. Please fill in the blanks.
| Month | Beginning balance of loan | Monthly payment | Monthly interest rate | Amount applied to interest | Amount applied to principal | Ending balance of loan |
| 1 | $100,000 | $780.4 | a. | b. | c. | d. |
| 2 | e. | f. | g. | h. | i. | j. |
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Corporate Finance
Authors: Jonathan Berk, Peter DeMarzo
5th Global Edition
1292304154, 978-1292304151
