A family wants to buy an apartment in a building that is being built on Calzada de Tlalpan # 910, the apartment has a price of $3,400,000.00, the family can pay a 20% down payment and for the rest they agree to sign a 15-year mortgage with BANORTE with (equal) monthly payments, calculated at a rate of 10.75% per yeara) Calculate the value of the down paymentb) Calculate the value of each of the paymentsc) From the first payment, calculate how much money is used to pay interest? How much is spent paying for the house?d) Construct the amortization table for our problem (only 5 lines)e) After 98 payments, how much does the family still owe?f) After 119 payments, how much of the house has the family already paid for?
A family wants to buy an apartment in a building that is being built on Calzada de Tlalpan # 910, the apartment has a price of $3,400,000.00, the family can pay a 20% down payment and for the rest they agree to sign a 15-year mortgage with BANORTE with (equal) monthly payments, calculated at a rate of 10.75% per year
a) Calculate the value of the down payment
b) Calculate the value of each of the payments
c) From the first payment, calculate how much money is used to pay interest? How much is spent paying for the house?
d) Construct the amortization table for our problem (only 5 lines)
e) After 98 payments, how much does the family still owe?
f) After 119 payments, how much of the house has the family already paid for?
Step by step
Solved in 2 steps
