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A person buys a home worth 400000 dollars. They put a 20% down payment on the house. They take a loan from the bank for the remaining amount due at 5% interest. Assuming monthly payments over a 30 year time frame answer the following questions. a. How much are they borrowing from the bank? How much is their monthly payment? How much interest do they pay in total over the 30 years? b. Make an amortization table for the first 4 payments of this loan. The table should include the following columns: Payment amount, interest for period, portion to principal, and Principal at end of period.

A person buys a home worth 400000 dollars. They put a 20% down payment on the house. They take a loan from the bank for the remaining amount due at 5% interest. Assuming monthly payments over a 30 year time frame answer the following questions. a. How much are they borrowing from the bank? How much is their monthly payment? How much interest do they pay in total over the 30 years? b. Make an amortization table for the first 4 payments of this loan. The table should include the following columns: Payment amount, interest for period, portion to principal, and Principal at end of period.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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2. A person buys a home worth 400000 dollars. They put a 20% down payment on the house. They take a loan from the bank for the remaining amount due at 5% interest. Assuming monthly payments over a 30 year time frame answer the following questions. a. How much are they borrowing from the bank? How much is their monthly payment? How much interest do they pay in total over the 30 years? b. Make an amortization table for the first 4 payments of this loan. The table should include the following columns: Payment amount, interest for period, portion to principal, and Principal at end of period.
Transcribed Image Text:2. A person buys a home worth 400000 dollars. They put a 20% down payment on the house. They take a loan from the bank for the remaining amount due at 5% interest. Assuming monthly payments over a 30 year time frame answer the following questions. a. How much are they borrowing from the bank? How much is their monthly payment? How much interest do they pay in total over the 30 years? b. Make an amortization table for the first 4 payments of this loan. The table should include the following columns: Payment amount, interest for period, portion to principal, and Principal at end of period.
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