Your dream house is currently selling for $1,800,000. You can put in a down payment of $400,000.
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Your dream house is currently selling for $1,800,000. You can put in a down payment of $400,000. A mortgage company offers you a 30-year fixed rate of 4.8% APR loan for the rest of the purchase price. The mortgage payments need to be made monthly and start next month.
What is the monthly payment of the loan? Hint: You need to find the size of the loan. (1 point) After making the first monthly payment, what is the remaining balance of the loan? Hint: You need to find the interest payment and the principal repayment included in the first monthly payment. Note 1: Show your calculation steps briefly and clearly.
Related Book For
Financial Markets and Institutions
ISBN: 978-0077861667
6th edition
Authors: Anthony Saunders, Marcia Cornett
Posted Date: