Question: 5. This amortization table shows the first 3 payments on the Park's mortgage. a) How much money did the Parks borrow? b) How much of

 5. This amortization table shows the first 3 payments on the

5. This amortization table shows the first 3 payments on the Park's mortgage. a) How much money did the Parks borrow? b) How much of the 1st payment is inter- est? c) How much of the 2nd payment is princi- pal Payment Monthly Interest number payment paid 0 1 $799.76 $617.33 2 $799.76 561643 $799.76 5615.52 Total $2399.28 $1849.28 Principal Outstanding paid balance $125 000.00 $182.43 $124 817.57 $183,33 $124 634 24 $184.24 $124 450.00 $550.00 e) What is the outstanding balance after the 3rd payment? f) Compare the total interest and the total principal paid in the first 3 payments. What do you notice

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!