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After working for three years, you decide to purchase your first home, which has a sales...

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Finance

  1. After working for three years, you decide to purchase yourfirst home, which has a sales price of $350,000. With $70,000 downpayment, what is your monthly mortgage payments for a 30-year loanat an annual interest rate of 4.75%. Assume the payments are madeat the end of each period (i.e., ordinary annuity).

a) Calculate the monthly installments

b) Build an amortization table for the life of loan. For eachpayment, show the beginning loan balance, interest payment,principal payment, and ending balance.

Answer & Explanation Solved by verified expert
4.2 Ratings (703 Votes)
GivenLoan amount 350000Down payment 70000Loan period 30 yearsrate of interest r 475 or 00475No of payments    See Answer
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