Eric and Mary bought a house in Orillia 5 years ago. They took out a 30-year mortgage
Fantastic news! We've Found the answer you've been seeking!
Question:
Eric and Mary bought a house in Orillia 5 years ago. They took out a 30-year mortgage of $350,000 from Royal Bank at that time. The stated interest rate is 6.8% (APR).
a) What is the monthly payment of the mortgage?
b) What is the outstanding balance of this mortgage as of today? (Assume they have just made their monthly payment and the next payment is due in a month.)
c) What is the interest portion of the 61th payment and what is the principal portion in that payment?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date: