You wish to buy a $250,000 house, using a 20-year mortgage and putting 25% as...
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You wish to buy a $250,000 house, using a 20-year mortgage and putting 25% as a cash down payment. The current interest rate is 4.25% compounded monthly.
1) What is your monthly payment?
2) For each month, what portion of that payment goes to principal and what goes to paying interest? Create a mortgage ammortization table to show your solution.
Buying a House (One Part, 15 points) You wish to buy a $250,000 house, using a 20-year mortgage and putting 25% as a cash down payment. The current interest rate is 4.25% compounded monthly. 1) What is your monthly payment? 2) For each month, what portion of that payment goes to principal and what goes to paying interest? Create a mortgage ammortization table to show your solution. Pay attention to formatting and do not hardcode numbers into your formulas. Principal Annual Rate Monthly Rate Term Periods Payment Month Beginning Principal Payment Interest Princp. Payment
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