You just took out a 15-year traditional fixed-rate mortgage for $300,000 to buy a house. The interest

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You just took out a 15-year traditional fixed-rate mortgage for $300,000 to buy a house. The interest rate is 3.6% (APR) and you have to make payments monthly.

What is your monthly payment?

How much of your first monthly payment goes towards paying down the outstanding balance (in $)?

How much of your 13^th monthly payment goes towards paying down the outstanding balance (in $)?

Related Book For answer-question

Contemporary Business Mathematics With Canadian Applications

ISBN: 9780135285015

12th Edition

Authors: Ali R. Hassanlou, S. A. Hummelbrunner, Kelly Halliday

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Posted Date: Mar 30, 2023 01:55 AM

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You just took out a 15-year traditional fixed-rate mortgage for $300,000 to buy a house. The interest

Question:

Expert Answer:

AnswerTo calculate the monthly payment we can use the formula for the present value of an annuity PV Payment x 1 1 rnnt rn Where PV the loan amount 30... View the full answer

Contemporary Business Mathematics With Canadian Applications

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