Consider the following: o Financed amount: $385,000 o Cost of funds: 7.25% (interest rate) o 30-year amortization
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Question:
Consider the following:
o Financed amount: $385,000
o Cost of funds: 7.25% (interest rate)
o 30-year amortization
Calculate:
- Annual payment amount (this is monthly payment x 12)
- Amount of 'Interest paid' during year 3
- Amount of 'Principal paid' during year 3
Expert Answer:
To calculate the annual payment amount we can use the following formula Monthly payment Loan amount ... View the full answer
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