You are financing a new home. The loan is for $268,000 and you are getting rate of

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You are financing a new home.

The loan is for $268,000 and you are getting rate of 4.9% per year compounded monthly.

You have decided on a 15-year mortgage and will make monthly payments (end of the month).

You will pay 6% down.

To get the ball rolling, you are working extra hours and expect to pay an extra $375 per month to knock down the principle.

You make these payments for 6 years starting on month 25. The last EXTRA payment is on month 96.

Build the amortization table.

What month will you make your last payment?

How much will the last payment be?

Related Book For answer-question

Personal Finance Building Your Future

ISBN: 978-0073530659

1st edition

Authors: Robert B. Walker, Kristy P. Walker

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Posted Date: May 08, 2024 09:23 PM

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You are financing a new home. The loan is for $268,000 and you are getting rate of

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To build the amortization table and answer the questions well need to follow these steps 1 Calculate ... View the full answer

Personal Finance Building Your Future

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