4. The amortization table shows the first 6 monthly payments of a mortgage. Interest Principal Outstanding paid Payment Monthly numbers payment paid balance $150 000.00 1 $959.71 $740.79 $218.92 $149 781.08 $959.71 S739.71 $220.00 $149 561.08 3 $959.71 $738.63 $221.08 $149 340.00 4 $959.71 $737.53 $222.18 $149 117.82 $959.71 $736.44 $223.27 $148 894.55 $959.71 $735.33 $224.38 $148 670.17 a) What is the principal borrowed? b) What is the monthly payment? c) How much of the 4th payment is interest? d) What is the outstanding balance after the 3rd payment? e) What is the total interest paid in the first 6 payments?

4. The amortization table shows the first 6 monthly payments of a mortgage. Interest Principal Outstanding paid Payment Monthly numbers payment paid balance $150 000.00 1 $959.71 $740.79 $218.92 $149 781.08 $959.71 S739.71 $220.00 $149 561.08 3 $959.71 $738.63 $221.08 $149 340.00 4 $959.71 $737.53 $222.18 $149 117.82 $959.71 $736.44 $223.27 $148 894.55 $959.71 $735.33 $224.38 $148 670.17 a) What is the principal borrowed? b) What is the monthly payment? c) How much of the 4th payment is interest? d) What is the outstanding balance after the 3rd payment? e) What is the total interest paid in the first 6 payments?

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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Question

4. The amortization table shows the first 6 monthly payments of a mortgage.
Payment Monthly
numbers payment
Interest Principal Outstanding
paid
paid
balance
$150 000.00
$959.71
$740.79
$218.92 $149 781.08
$220.00 $149 561.08
$959.71
$959.71
S739.71
3
$738.63
$221.08 $149 340.00
4
$959.71
$737.53
$222.18
$149 117.82
$959.71
$736.44
$223.27 $148 894.55
6
$959.71
$735.33
$224.38 $148 670.17
a) What is the principal borrowed?
b) What is the monthly payment?
c) How much of the 4th payment is interest?
d) What is the outstanding balance after the 3rd payment?
e) What is the total interest paid in the first 6 payments?

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