1. The Young’s have purchased a $315,000 house. They made an initial down payment of 20% and secured a mortgage with interest charged at the rate of 4.1% per year on the unpaid balance. Interest computations are made at the end of each month. If the loan is to be amortized over 30 years, what monthly payment will be required? What is their equity after 5 years? After 15 years?

Answer rating: 100% (QA)

To calculate the monthly payment required for the Youngs 315000 house pu... View the full answer