1. Monthly payment: $1590.25 Interest rate: 7% compounded monthly Mortgage amount: $225 000 2. Using question...

 

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1. Monthly payment: $1590.25 Interest rate: 7% compounded monthly Mortgage amount: $225 000 2. Using question 1, how much interest was paid in the first 6 months? 3. Using question 1, how much principal was paid off the mortgage after six payments? 4. Complete the first six payments in an amortization table given the following information. Show all steps. 5. 6. A mortgage of $300 000 amortized over 35 years at 7.25% compounded monthly. Determine the monthly payment and create an amortization table for the first six payments. brest was maid in Using question 4, how much interest was paid in the first 6 months? Using question 4, how much principal was paid off the mortgage after six payments? 1. Monthly payment: $1590.25 Interest rate: 7% compounded monthly Mortgage amount: $225 000 2. Using question 1, how much interest was paid in the first 6 months? 3. Using question 1, how much principal was paid off the mortgage after six payments? 4. Complete the first six payments in an amortization table given the following information. Show all steps. 5. 6. A mortgage of $300 000 amortized over 35 years at 7.25% compounded monthly. Determine the monthly payment and create an amortization table for the first six payments. brest was maid in Using question 4, how much interest was paid in the first 6 months? Using question 4, how much principal was paid off the mortgage after six payments?

Answer rating: 100% (QA)

We can use the following calculations to determine the monthly payments and produce an amortization table Monthly Payment P r 1 rn 1 1 rn Principal Payment Monthly Payment Interest Payment where Inter... View the full answer