Daniel and Jan agreed to pay $566,000 for a four-bedroom colonial home in Waltham, Massachusetts, with...
Daniel and Jan agreed to pay $566,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $60,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00%.
a. How much is their monthly payment? (Do
not round intermediate calculations. Round your answer to the
nearest cent.)
b. After the first payment, what would be the balance of the principal?(Do not round intermediate calculations. Round your answers to the nearest cent.)
Homework Answers
a) Monthly payment:-
=PMT(rate,nper,pv)
=PMT(6%/12,30*12,566000-60000)
=3033.73
b) Balance principal after first payment:-
Interest paid =(566000-60000)*6%/12 =2530
Principal paid =3033.73-2530 =503.73
Add Answer to:
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(Do not round intermediate calculations. Round your answer
to the nearest dollar amount.)
Monthly payment
$
b. After the first payment, what would be the
balance of the principal? (Do not round intermediate
calculations. Round your answers to the nearest dollar
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Sharon Fox decided to buy a
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a 20% down payment. Sue Willis, an attorney, has notified Sharon
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