Create an amortization schedule for only the first 6 months of owning your own home in #8.
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Question:
Create an amortization schedule for only the first 6 months of owning your own home in #8. How much in principal has been "paid down" in total over the first 6 months? How much in interest have you paid in total over the first 6 months? Compare this to the last 6 months and discuss. How much in total payments will be made over the life of the loan?
8. How much does your monthly loan payment (P+I only ignore taxes and insurance) increase if you can get a 15‐year loan for 3.70%? How much in total payments will be made over the life of the loan?
$922.3856 is the monthly payment for this mortgage
Related Book For
Business Math
ISBN: 978-0133011203
10th edition
Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble
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