You have just graduated from college and landed your first big job. You have always dreamed of being a homeowner, and after carefully shopping for your dream home, you find one that you would like to purchase at a cost of $250,000. After researching banks to find the best interest rate, you find that Banks for Homeowners offers the best rate of 6% interest that compounds monthly for 30 years. What is the monthly payment for this loan? What is the unpaid balance of the loan at the end of 5 years? What is the unpaid balance at the end of the 10th year?

Answer rating: 100% (QA)

monthly ... View the full answer