$\mathrm{A\; 1}5-$year mortgage for $$370,000$ with an interest rate of $5\mathrm{.}1\%.($HINT: You should first create and complete the TVM data table to compute the monthly payment. Then, this monthly payment is the basis for the amortization table.$)$

Individual taxpayers may be able to deduct the amount of interest that they paid on a mortgage for a primary residence DURING A CALENDAR YEAR from their income taxes for that year. If the mortgage was issued on August $1,$ how much interest was paid in the first $($calendar$)$ year?

How much interest will be paid in the second year?

  

Answer rating: 100% (QA)

To calculate the monthly payment for a 15year mortgage of 370000 with an interest rate of 51 we will ... View the full answer