Your dream house is currently selling for $1,800,000. You can put in a down payment of $400,000. A mortgage company offers you a 30-year fixed rate of 4.8% APR loan for the rest of the purchase price. The mortgage payments need to be made monthly and start next month.

What is the monthly payment of the loan? Hint: You need to find the size of the loan. (1 point) After making the first monthly payment, what is the remaining balance of the loan? Hint: You need to find the interest payment and the principal repayment included in the first monthly payment. Note 1: Show your calculation steps briefly and clearly.

Answer rating: 100% (QA)

To find the monthly payment of the loan we first need to calculate the loan amount Loan amount Purch... View the full answer