You have purchased a house in SLO for $700,000, with a 10% downpayment. You are...
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Accounting
You have purchased a house in SLO for $700,000, with a 10% downpayment. You are supposed to repay the mortgage back in 15 years with constant monthly installments and an annual interest rate of 5 percent.
a.) What is your monthly payment?
b.) Calculate the interest you have to pay in your first payment?
c.) How much of the original loan did you repay within your first year of re-payment?
d.) Suppose you stop re-paying your loan at the end of the second year. What fraction of the original loan has been paid by then?
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