2. You borrow $500,000 in a 30 year mortgage; payments are made at the beginning of...

 

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2. You borrow $500,000 in a 30 year mortgage; payments are made at the beginning of the month and the annual interest rate is 3%. Find the monthly payment. What would be the payment if the payments were made at the end of each month? What is the interest paid and the principal owed after the 23rd year assuming that the payments are made at the beginning of the month? 2. You borrow $500,000 in a 30 year mortgage; payments are made at the beginning of the month and the annual interest rate is 3%. Find the monthly payment. What would be the payment if the payments were made at the end of each month? What is the interest paid and the principal owed after the 23rd year assuming that the payments are made at the beginning of the month?

Answer rating: 100% (QA)

Monthly Payment Calculations 1 Payment at the Beginning of the Month BOM We can use the loan payment ... View the full answer