a. You decide to purchase a house in Toronto at a cost of $1.6 million. The house
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a. You decide to purchase a house in Toronto at a cost of $1.6 million. The house is financed 80% with a 30-year mortgage and 20% with a cash down payment. You are financing the mortgage with a 6% fixed mortgage rate (compounded monthly i.e 0.5% per month). Fill in the amortization schedule below for 60 months (5 years). Please attach an xls document or fill in the sheet below.
Payment no | Beg balance | payment | interest | principle | End balance |
1 | |||||
2 | |||||
3 | |||||
4 | |||||
5 |
b. Explain why the interest component is decreasing as time goes on
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Auditing a business risk appraoch
ISBN: 978-0324375589
6th Edition
Authors: larry e. rittenberg, bradley j. schwieger, karla m. johnston
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