Question: PLEASE WRITE OUT EVERY STEP PLEASE DON'T USE SPREADSHEET Purchase price $300,000 use 6 decimal places Loan to value ratio 85% Interest rate 12% 30-year

PLEASE WRITE OUT EVERY STEP

PLEASE DON'T USE SPREADSHEET

Purchase price $300,000 use 6 decimal places

Loan to value ratio 85%

Interest rate 12%

30-year term

Monthly payments

  1. The loan is equal to
  2. The monthly mortgage constant is equal to
  3. The monthly payment is equal to
  4. The amount of interest paid in the second month (just the second month)
  5. The % paid off after 7 years or 84 months
  6. Amount of loan paid off after 7 years
  7. The amount still owed after 7 years
  8. How much interest would be paid over 30 years

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