You are ready to purchase a home that has a price of $400,000.You will make a down payment of $50,000 and will finance the remainder with a 15-year loan.The stated rate on the loan is 6% annual with monthly payments.

a)Compute the monthly payment that you will be making on this loan.

b)What would be your monthly payment if you financed the home for 30 years?

c)Provide an amortization schedule of three months for this loan, beginning with the first payment.

Answer rating: 100% (QA)

1 Understanding the terms Home price The total cost of the home which is 400000 in this case Down pa... View the full answer