Question: Can you help me answer this question? no work needed to be shown prompt: Sam takes a 30-year mortgage loan of $200,000 at the rate

Can you help me answer this question? no work needed to be shown

prompt: Sam takes a 30-year mortgage loan of $200,000 at the rate of 6%, amortized with monthly payment.

Question: Among this amount, what is the total interest, and how much principal is left on the balance by then? (hint: you can use a table below as your worksheet or use Excel to calculate)

Table:

Can you help me answer this question? no work
Month Beginning interest Payment Principal Ending balance reduction balance 200,000 2 3 4 5

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!