You want to buy a house that costs $200,000 and have saved up enough for the 10% down payment. You will be borrowing the rest from the bank at an annual rate of 9% compounded s.a. through a 25 year mortgage.
How much remains owing at the end of the 3 years, and what percentage of your first 36 payments went to principal?
Amount borrowed | 180000 | |
1 | Monthly payments | $1,510.55 |
2 | Amount towards principal | $160.55 |
3 | Total cost of the house | 48166.04 |
4 | Principal Amount paid in 3 years | -6607.21 |
Balance remaining after 3 years | 173392.79 | |
5 | % towards principal | 12.15% |
Workings
You want to buy a house that costs $200,000 and have saved up enough for the...
You want to buy a house that costs $200,000 and have saved up enough for the 10% down payment. You will be borrowing the rest from the bank at an annual rate of 9% compounded s.a. through a 25 year mortgage. How much will your monthly payments be? How much of the first monthly payment will go towards principal? What will be the total cost of your house? How much remains owing at the end of the 3 years, and what...
You want to buy a house that costs $200,000 and have saved up enough for the 10% down payment. You will be borrowing the rest from the bank at an annual rate of 9% compounded s.a. through a 25 year mortgage. How much will your monthly payments be? How much of the first monthly payment will go towards principal? What will be the total cost of your house? How much remains owing at the end of the 3 years, and...
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