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?
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?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text: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?
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