Daniel and Jan agreed to pay $560,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $60,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00% Cost of home Down payment Term of mortgage Rate of interest $560,000.00 60,000 25 6.38% Required: Please use the above information and the provided Amortization Chart to answer the below questions: Note: Use cells A4 to 87 from the given information to complete this question. 1. What is the principal (loan)? 2. How many total payments on this mortgage? 3. How much is their monthly payment? 4. How much of the first monthly payment is going towards interest? 5. How much of the first monthly payment is going towards principal? 6. After the first payment, what would be the balance of the principal? $500,000.00 300

Daniel and Jan agreed to pay $560,000 for a four-bedroom colonial home in Waltham, Massachusetts, with a $60,000 down payment. They have a 30-year mortgage at a fixed rate of 6.00% Cost of home Down payment Term of mortgage Rate of interest $560,000.00 60,000 25 6.38% Required: Please use the above information and the provided Amortization Chart to answer the below questions: Note: Use cells A4 to 87 from the given information to complete this question. 1. What is the principal (loan)? 2. How many total payments on this mortgage? 3. How much is their monthly payment? 4. How much of the first monthly payment is going towards interest? 5. How much of the first monthly payment is going towards principal? 6. After the first payment, what would be the balance of the principal? $500,000.00 300

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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