Sarah secured a bank loan of $200,000 for the purchase of a house. The mortage is amortized
Fantastic news! We've Found the answer you've been seeking!
Question:
Sarah secured a bank loan of $200,000 for the purchase of a house. The mortage is amortized through monthly payments of $1,687.71 for a term of 15 years, at an interest rate of 6% per year compounded monthly.
a. Determine the total amount of interest to be paid over the life of this loan.
b. If she sells her house in 5 years, how much will Sarah still owe on her house (what is her outstanding principal in 5 years)?
Related Book For
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
Posted Date: