The Zuke's sign a mortgage for #320,000 paying @20,000 down and amortize the remainder in...
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Accounting
The Zuke's sign a mortgage for #320,000 paying @20,000 down and amortize the remainder in equal monthly payments over 25 years with 3 year term at 7% c.s.a.
a) Construct an amortization table and find the amount that goes to interest from second payment. (2 points)
b) Find the balance after second payment. (2 points)
c) Find the amount that goes to principal from third payment. (2 points)
d) Payment 17 and 18 are missed and regular payments are then resumed. Find the balance owing at the end of the term. (4 points)
csa means compounded semi annually
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